Womack Investment Advisers, Inc.

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The world of financial planning can be confusing, and it is often thought that a will and estate plan are the same. These two items are, however, different, and it is important to have both done as a part of your financial planning.

Typically, a will is written as a part of the estate planning process, rather than filled out separately, as they work together in helping distribute assets and name individuals as beneficiaries or heirs.

A will is meant to provide clarity on your wishes and desired asset distribution after you pass away, as well as designating power of attorney to various individuals whom you trust.

An estate plan, on the other hand, is meant to help divide up assets to surviving members of your family, release trusts, and properly plan what assets will be divided and how.

An estate plan is best for establishing the details of your wishes and listing all assets and debts, while your will is more tailored to defining the roles and responsibilities of those around you.