Estate Planning FAQs What is the difference between a will and estate planning? Estate planning is the process of organizing, managing, and assigning your assets in preparation for your death or possible incapacitation. It even involves the settlement of estate taxes and the arrangement of funeral proceedings. A will, on the other hand, is just one part of the estate planning process. It is a document that specifies who will inherit your assets and other belongings after you pass away. Why is estate planning important? Estate planning is important because it allows you to control what happens to your assets after you die. Estate planning also allows you to decide who will care for your children and other dependents if you can no longer do so. What should I include in my estate plan? Your estate plan should include a will, durable and healthcare power of attorney, and beneficiary and guardianship designations. Depending on your assets and the size of your estate, setting up trusts could also be an excellent option to include in your estate planning. How are estate planning fees charged? Estate planning fees are typically charged at an hourly rate, a flat fee, or a contingency fee. Make sure to ask about all the costs involved, so there are no surprises later. Who needs estate planning? Estate planning is for everyone. Even if you do not have many assets, it is essential to have a plan in place for your belongings and your dependents when you die. This could protect your heirs from significant tax burdens and secure the future of any minor children. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.