What's the difference between an will and an estate plan?

I am often asked if I can help with a will, and I always respond that I can assist with your estate plan. Why do I do that?

A will is a document that details what your assets are and who should inherit them, and who should be in charge of settling your debts and distributing any remaining assets. It is part of an estate plan.

An estate plan, by contrast, also includes Durable Powers of Attorney for health care and finances, and, if you are a parents, the appointment of a guardian for your minor child(ren), and possibly a trust to manage any assets they would inherit from you. Sometimes it also includes Advance Directives (also called a "Living Will") which addresses end-of-life decisions. The exact documents that you need will depend on your life situation -- your age, marital status, assets and liabilities, children (and their ages), and what you want to accomplish with your plan. 

As such, when we meet to talk about your estate plan, we will talk about more than just who will inherit your assets. We will also talk about who you want to make end-of-life decisions for you if you incapacitated, and what your family will need to move forward after you pass. 

Also, your estate plan should need to be updated every few years, depending on your life circumstances. The plan we create while your kids are in grade school should be very different from the one we create when you have grandchildren. I follow-up with past clients every three years to review their plans. Sometimes they are still accurate; often, there are small changes that we need to make -- for example, if you buy a new home, get divorced or married, have another child, or any myriad of other circumstances. It is not unusual to rewrite your whole plan every decade, which will give you the peace of mind that the plan you have will work for you should the unthinkable happen tomorrow.