What is the difference between a will and estate planning?
The primary difference between a will and estate planning is that a will is primarily used to designate the distribution of assets, while estate planning services encompass all aspects of wealth transfer. Estate planning involves not only creating a valid, legally binding will, but also considering taxes, beneficiary designations, trusts, insurance policies, asset protection plans, current investment management strategies, retirement accounts, and more.
This is why it’s so crucial that you work with a skilled financial team and estate planning attorney to make sure that your estate plan is comprehensive and up-to-date. Your financial advisor’s role in estate planning is to help coordinate the efforts of your entire financial team and verify that all documents are in sync with one another, helping you to avoid legal issues, confusion, and tax liabilities that could arise after you’ve passed away.
At Avidian, we understand the importance of establishing an effective plan that upholds your wishes and safeguards the financial future of your loved ones. We are here to help guide you through the entire process.