Estate planning encompasses more than just creating a simple Will. Your personal and and financial circumstances will determine if a Will is enough of an estate planning tool to cover your wishes.
Common estate planning tools not only include a Will, but Trusts, property ownership changes, durable powers of attorney, gifts, living wills and powers of attorney for healthcare, marital property agreements, business structure changes, and more.
Provide for the distribution of your property upon death. Wills only dispose of property that is subject to probate. Nonprobate property, such as life insurance or trust property must be addressed in separate provisions.
Wills are used, for example, to appoint guardians for minor children and naming a personal representative to administer your estate upon your death.
A Will can also be used to create a trust or transfer property to an existing trust.