What Is the Difference Between a Will and Estate Planning?

Many people know the purpose of a last will and testament. But when it comes to estate planning, their understanding is fuzzier. Is an estate plan the same thing as a will, or something else entirely? An experienced Arizona estate planning attorney can explain the particulars of wills vs. estate planning so you understand the various ways to protect your wealth and preserve your legacy.

The Purpose of a Will and an Estate Plan

A will is a foundational part of a good estate plan — but it is just one part of that plan. The purpose of an estate plan is to guide your loved ones as they make decisions regarding your medical care and financial affairs, both during your lifetime and after you die. Your estate plan may also include provisions for the care of any minor children or family members with special needs who may survive your passing.

Key Differences Between a Will and Estate Planning

A will is a document within your estate plan that determines where your property and assets will go when you die. While a will handles the distribution of assets after death, an estate plan encompasses a broader range of legal tools and documents that protect you and your loved ones.

Estate planning typically includes tools and instruments like:

• Wills
• Advance directives
• Trusts
• Living trusts
• Powers of attorney
• Medicaid planning
• Long-term care planning
• Tax planning
• Business succession plans
• Retirement planning
• Beneficiary designations

The precise components of your estate plan will depend on your unique circumstances and goals.

When to Update Your Will or Estate Plan

Estate planning is not a “one-and-done” deal. Life changes constantly, and your estate planning documents should reflect these changes. Consider updating your will or estate plan when:

• You marry, divorce, or remarry.
• A child or grandchild is born.
• You purchase or sell significant assets.
• You move to a different state.
• Your financial situation changes substantially.
• A named executor, guardian, or beneficiary passes away.
• Tax laws change.
• Five years have passed since your last review.

Regular reviews of your estate planning documents help ensure they continue to reflect your wishes and protect your loved ones’ interests. Even if no major life changes have occurred, periodic reviews every few years can identify areas that need updating or refinement.

Contact Our Estate Planning Attorneys Today

If you need help writing a will or creating an estate plan in Arizona, the experienced estate planning attorneys at Brown & Hobkirk, PLLC can offer customized solutions and comprehensive legal support. Our law firm has successfully represented clients in estate planning, probate, and estate administration matters for over 20 years. Call us today or contact us online for a free consultation.