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What’s the Difference Between Estate Planning and a Will?

estate planning vs will

Planning for the future can feel overwhelming, especially when legal terms start to blur together. Many people use “estate planning” and “will” interchangeably, but they are not the same thing.

In this guide, Wilson Rasmussen LLP will explain the estate planning versus will distinction to help you understand what each one actually covers.

Key Considerations When Working with a Wills and Estates Lawyer

An experienced wills and estates lawyer helps ensure your documents are valid and legally sound. They work to reflect your full intentions, from naming guardians to handling complex assets.

Without proper legal guidance, even small oversights can create significant complications for your loved ones down the road. Connect with a wills and estates lawyer in Surrey, BC, who can walk you through your options with clarity.

Understanding Wills and Estate Planning in British Columbia

The difference between estate planning and a will comes down to scope. A will tells people what to do with your assets after you die, while estate planning addresses a much broader set of decisions, some of which take effect while you are still alive.

In British Columbia, a valid will must be written, signed by the will-maker (who must be at least 16 years of age and mentally capable), and witnessed by two independent adults who are not beneficiaries. If your will does not meet these requirements under the Wills, Estates and Succession Act, provincial intestacy laws would decide how your estate is divided.

There are many reasons to make a will, particularly if you have dependants who rely on you. An estate planning attorney can walk you through drafting one that reflects your interests.

How Estate Planning Differs From a Will

Estate planning differs significantly from a will. Your will is one tool within your estate plan, not the plan itself. Estate planning tools and wills work together, but estate planning also includes documents that can take effect long before your death.

Some key tools include:

  • Power of attorney: Authorizes a trusted person to manage your financial and legal affairs if you become unable to do so yourself
  • A representation agreement: Allows you to appoint someone to make health care and personal decisions on your behalf if you are incapacitated
  • Trusts: Legal arrangements where a trustee manages assets on behalf of beneficiaries, set up during your lifetime or through your will

Legal guidance on estate planning is not one-size-fits-all. A simple estate may only need a valid will, while complex situations, such as owning property across provinces or planning for a dependent with special needs, call for multiple legal tools. Major life changes are always good moments to revisit your documents.

Wilson Rasmussen LLP Is Here To Help You Plan With Confidence

Understanding estate planning versus will options helps you protect what matters. Wilson Rasmussen LLP is committed to helping families in Surrey, BC, navigate these decisions with confidence. Learn more about our firm or call Wilson Rasmussen LLP at (604) 583-7917 to get started today.