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Earl Davis Brooklyn - Understanding Difference| Will Planning & Estate Planning.

Earl Davis in Brooklyn can help you choose what type of planning you need to make sure your assets are transferred according to your wishes. They create all the necessary documents for a comprehensive estate plan. <br>

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Earl Davis Brooklyn - Understanding Difference| Will Planning & Estate Planning.

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  1. Distinguish Between Will Planning V/S Estate Planning

  2. Will planning can be a relatively simple process Estate planning is a more intensive process Will Planning V/S Estate Planning A will is a legally binding document that contains information about the distribution of assets after your death. Estate planning is the process of arranging the distribution of assets in a way that results in maximum benefits to the beneficiaries

  3. With an estate plan, you can give direction regarding additional matters that cannot be handled by a will — even if they are mentioned in a will. An estate plan typically, but not necessarily, includes the following. Wills Trusts Power of attorney Beneficiary designations Superannuation Property transfer Transfer of financial assets

  4. How Is Estate Planning Different From Will Planning? In short, wills are part of an estate plan, but an estate plan is more than just a will. However, they both fall under the umbrella of estate planning, so you’ll want to understand the limitations and benefits of each. While a will is a legal document, an estate plan is a collection of legal documents. More specifically, they often including a will, trusts, an advance directive and various types of powers of attorney. An estate plan can handle other estate planning matters that can’t be covered in a will too. A will is a good place to start, but you’ll want to create an estate plan to ensure that your heirs are fully covered in the event of your death.

  5. Conclusion The purpose of wills and estate plans is to ensure that your family members receive continuing care after your demise. The popular notion that wills and estate plans are for the rich is not true. Anyone who owns a car, house, bank accounts, business, and other assets can create a will/estate plan to transfer the assets to the loved ones.

  6. THANK YOU

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