No, estate planning is not the same as a will.
While a will can (and likely should!) be a part of your estate plan, it is not the entire package, and should be supplemented with other important estate planning documents.
A will is a document that addresses who is to receive your property at your death and appoints a legal representative to ensure your wishes are followed. You can also appoint a guardian to care for your minor children in a will, as well as appoint a caregiver and set aside funds to care for your pets.
Before drafting your estate plan – and your will – you should sit down and collect information about your assets (including real estate, bank accounts, investment accounts, vehicles, life insurance policies, jewelry, and family heirlooms) and your debts (including mortgages, student loans, and credit cards). You will also want to consider who you would like to receive your property, known as beneficiaries, and who you would like to be responsible for carrying out your wishes, known as an executor. If you have minor children, you also want to consider who would care for them if you and the other parent both pass away.
A comprehensive estate plan should include a will, a durable power of attorney, a living will, a healthcare surrogate, and depending on your assets and family tree, a trust.
If you do not have a will, contact a local estate planning attorney today and set up a consultation. Protect your future, protect your family.