Feeling a bit dumb here
In: Economics
A will is a legal document that directs how a deceased’s estate should be administered and distributed.
Estate planning is the prospective planning process that goes into arranging your affairs while you’re still alive to best effectuate your wishes after you’re gone. This likely includes drafting a will with the advice of an attorney, although living trusts are more popular as the primary estate planning device in modern times.
A will is like telling your parents what you want to happen to that toy after you’re done playing with it. Do you want to give it to your best friend, donate it to a toy drive, or keep it for yourself?
Estate planning is like making sure your parents know where that toy is and how to take care of it. It’s like creating a map that helps them find the toy and follow your wishes.
So, a will tells what you want to happen, and estate planning makes sure those things happen.
dude ur not dumb at all. a will is just one part of estate planning it tells who gets ur stuff when ur gone but estate planning is the whole package like deciding stuff about health care and how to avoid taxes. so think of it like the will is a piece of cake but estate planning is the whole cake with frosting and sprinkles
bro ur not dumb. a will is like a list of ur stuff and who gets it. estate planning is the whole plan for ur stuff and how to handle it like taxes and stuff. it’s like will is the dessert and estate planning is the whole meal
yo no worries man it’s not dumb. a will is like your final letter saying who gets what. estate planning is the whole plan kinda like a playbook for after you kick the bucket. covers more ground than just a will like trusts and stuff
you ain’t dumb at all.. a will is like your final note saying who gets what. estate planning is the big picture making sure everything’s set up right. it’s like the difference between a list and a whole plan. get it?
A will is a document that’s part of estate planning, but estate planning encompasses more than just a will. There are things like living will and powers of attorney that help address wishes in final days or when facing low prospects for recovery, mental capacity; there are trusts which are ways to set aside assets at arms length for tax purposes and control from beyond the grave; it’s setting up gifts, donations, trusts, etc. ahead of death to minimize tax impacts. A will states what happens to one’s assets and possessions after death.
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