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Living will vs. last will and testament: what are the key differences?
According to a survey by only 33% of Americans have either a will or a trust. Neglecting to create these estate planning documents could make life difficult for your loved ones after you're gone.
Unfortunately, few people know how to differentiate between a living will vs. last will and testament. Do you know the difference?
Differentiating these documents will help you determine whether you should contact an estate planning attorney. Read on to learn more about asset distribution today!
If you don't have a last will and testament, the state will determine who will inherit your assets instead.
If you have minor children, you can name a guardian for them in your will. You can also determine who will manage and distribute your property. Your executor will carry out the instructions outlined in your will.
There are a few different types of wills. Consult an experienced estate planning lawyer in Florida to determine which best suits your needs.
For example, a simple will outlines estate distribution and care for minors. It's not ideal if you have a complex or large estate.
Married couples sometimes draft joint wills. This document combines estate planning for both parties in a mutually agreed-upon document.
After they pass, the remaining assets will be passed down to your children.
Last wills can also differ based on how they're created. Oral wills are verbally dictated. They're often created when a party is too ill to write or type.
A holographic will is usually handwritten. It doesn't require signatures from anyone but the owner or testator (the person writing the will).
The testator will name an executor of the estate. This person will carry out the will's provisions.
The executor will:
Pay taxes or outstanding debts of the estate
Keep accounting records
Gather the estate's properties
Once these tasks are complete, the executor can distribute properties to beneficiaries, as outlined in the last will.
This document will come into effect if you become incapacitated or seriously ill and cannot communicate medical decisions yourself.
According to Gallup News, about 45% of people have a living will, up from 40% in 2005. Unfortunately, 25% of American adults say they've had to decide whether or not to remove a family member from life support.
It may mention:
Breathing or feeding tubs
Life support
Life-sustaining medical treatments
A do-not-resuscitate directive
Palliative care
Organ donation
These documents are part of an advanced healthcare directive. It allows you to advocate for yourself, even when you're unable.
You can use this document to authorize an individual to communicate with medical personnel regarding what they can and cannot do when providing treatment. This is usually accomplished through a healthcare power of attorney.
This document can be revoked or changed at any time you're capable.
Understanding the differences between these documents can help you make informed estate planning decisions.
Function and scope
Timing of effectiveness
Types of decisions covered in each document
Both documents will outline your preferences when you're unable to communicate them yourself.
The main difference between a living will vs. last will and testament is their function. A living will outlines medical care directives while you're still alive but unable to communicate. A last will outlines the distribution of assets after you documents will be put into effect at different times.
Living wills are put into effect during medical crises. They're used when an individual can't express their preferences regarding treatment. They help family members and healthcare providers understand an individual's medical preferences.
A last will is only put into effect after the writer's death. It will go through the probate process after their passing. A court will validate the document before overseeing its terms.
It may mention:
Preferences for pain management
DNR orders
Artificial life support
This document ensures your healthcare wishes are put into effect when you can't voice them.
It may mention:
Financial accounts
Real estate
Personal belonging
You should consider preparing both documents while you're capable. This will ensure there are written legal documents outlining your wishes.
Together, these documents can give your loved ones a clear picture of your needs and preferences.
Here are the best practices for creating last and living wills:
Hire a financial advisor
Draft both documents with a certified lawyer
Appoint an executor
Appoint a healthcare agent to cosign the living will
Appoint a guardian if you have a minor
Establish a living trust if you have a minor
Combine your living and last wills to avoid legal issues
To recap, what's the key difference between a living will vs. last will? A living will specifies medical directives while you're still alive. A last will covers asset distribution after you've passed away.
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