What is the difference between a will and an estate plan?

A will is a vital document that designates an executor and specifies how you wish your assets to be distributed upon your passing. An estate plan, however, is a more comprehensive strategy, encompassing not only the provisions of a will but also addressing how your affairs should be managed during your lifetime in the event of incapacitation and ultimately, upon your death.

An estate plan anticipates all potential scenarios and incorporates elements such as an enduring power of attorney or an enduring guardian to manage your assets and personal matters if you are unable to make decisions yourself.

It also includes arrangements beyond a will, such as beneficiary nominations for superannuation and life insurance, deeds to transfer control of family trusts, business succession agreements, and company powers of attorney.

In essence, while a will governs the distribution of your assets after death, an estate plan provides a comprehensive framework, ensuring your personal, financial, and business interests are managed according to your wishes in all circumstances.