A Will is a legally binding document that lays out how your assets should be distributed after you die. In a Will, you can also nominate guardians for minors you leave behind. Using a Will ensures that your wishes will be carried out as efficiently as possible, and that your loved ones will be properly cared for. A proper Will also avoids the need for expensive proceedings to deal with the deceased’s assets.
An estate plan is the process of planning and arranging the way you would like all your assets to be distributed so that it results in the best outcome for your beneficiaries, including tax efficiency and other associated costs. An estate plan can also direct other matters that are not able to be laid out in your Will so that they follow the intent of your Will. An estate plan will encompass your Will but should also include other things such as your Power of Attorney, superannuation, assets, trusts, and other financial assets.