Although you may use these two terms interchangeably, their processes are entirely different. However, they do have some similarities. A will guides your kin on how to manage your property once you are dead. On the other hand, estate planning gives them instructions on how to handle your assets, health, and other parts of your life while you are still alive.
Will planning relates to the creation of the last will of the individual. In the will, you dictate who will take care of your property, children, and businesses in the event of your death. It will also require you appoint an overseer who will ensure that your instructions get executed to the latter.
It makes it easier for your loved ones to make decisions when you are gone. According to the AARP, more than 60% of Americans do not have a will at the time of their death. It often leads to disputes within families.
Estate planning, again, is an intensive process that uses several documents to guarantee the security of your assets when you are dead. These documents, in many cases, also include your last statement and wishes.
They explain your preference for the kind of medical treatment you should get when you are not able to speak and give the instructions yourself. These may be your end-of-life care instructions. You can also allocate a sum of money to boost your family during this time. Besides, an attorney may designate a person who will take care of your money when you are unable to, especially if you do not have a will.