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For many, the idea of estate planning is incredibly overwhelming, as there are many documents to consider. Additionally, thinking about your own death can be upsetting. However, this is an important process, so it’s in your best interest to connect with a Pasco County, FL estate planning lawyer who can help you determine the best course of action for your wishes. One thing many are unsure of is whether or not their estate plan and will are the same thing. The following blog can clear up any confusion you may have about these matters before planning your estate.

How Are an Estate Plan and a Will Different?

Many use the terms estate plan and will interchangeably, despite how drastically different they are. Essentially, your will is a document part of your plan, but only details certain information. Your estate plan, on the other hand, is a collection of documents that you create detailing multiple aspects of your passing.

Whereas your estate plan can include financial and healthcare matters, a last will generally detail how you would like your assets distributed upon your passing. You can designate beneficiaries to inherit certain assets while appointing someone to oversee the process of distributing your estate according to your wishes.

What Should I Include in My Estate Plan?

If you are ready to create an estate plan, there are many documents you should consider establishing. Generally, a will serves as one of the primary documents due to how important this is. As such, the first document you should create is your will.

You may also want to create a living will and medical power of attorney. These are used in conjunction with one another, as a living will details your medical wishes, while a power of attorney grants someone the legal authority to make medical decisions on your behalf should you become incapacitated and unable to communicate these decisions yourself.

Another document you may want to establish is a trust fund. There is a misconception that only the wealthy can benefit from this tool, which is far from the truth. This can provide essential tax benefits for your beneficiaries, even helping those with special needs qualify for certain benefits while still receiving support from your estate.

Creating an estate plan can be overwhelming, as there are many documents you may need to create and certain variations of these documents. For example, you’ll find that you can choose between an irrevocable living trust, charitable trust or spendthrift trust, among many others. As such, you may not know where to begin, which is why it’s in your best interest to connect with an experienced attorney from the Law Offices of Matthew J. Jowanna. Our firm understands how complicated these matters can be which is why our firm is committed to guiding you through this process. Contact us today to learn more.