We all like to make plans, but our interest and desire to make them depend a lot on what they are.
A holiday in the near future? Great! But planning what our wishes are should something unfortunate happen to us? It goes to the bottom of the pile.
Yet taking action in this area is perhaps one of the most responsible things that we can do. Therefore, getting familiar with the options available is a wise choice.
One such option is a living will. What is it, and how does it differ from the other options out there? Read on to find out.
What Is a Living Will?
A living will is a document that serves the purpose of speaking on your behalf regarding your medical wishes when you are unconscious or otherwise unable to.
The typical matters that they cover include whether you want to have life-sustaining care (food and oxygen), as well as for opting out of certain procedures. A living will even be used to detail if you wish to donate your organs after you die.
What Is the Difference Between a Living Will and a Will?
Upon hearing the two terms, it is easy to confuse a living will with a last will and testament, yet they are very different.
As we have already seen in our living will definition, a living will come into effect when one is unable to communicate their healthcare choices. It is useful particularly for those who already have health issues and have a clear idea of how they wish to be treated should the worst happen.
The purpose of a will on the other hand is to have clear arrangements in place for your possessions after you pass away. Another important aspect of a will is that if you have children, you can stipulate whom you wish to be responsible for them. Importantly, it only comes into effect after you die and not before.
A Living Will vs. A Living Trust
Another term that sometimes gets confused when looking into estate planning is a living trust.
Both a living will and a living trust will be used when you are otherwise incapacitated. The difference, however, is that a living trust will dictate who looks after your affairs and makes decisions on your behalf, particularly concerning your assets.
Once who you want to take charge of these matters is decided upon, it is important to ensure that you go through the correct legal process of putting the assets in question into the name of the trust, ensuring that there are no issues if the time ever comes for action to be taken.
Regardless of whether you decide upon creating a living will, a last will and testament, or a living trust, getting it right will require you to hire a lawyer. Click for estate planning attorneys that you can trust.
Peace of Mind for Your Future Plans
The future is untold. However, at least some aspects can be determined in advance. Taking the responsibility of putting a living will in place is one act that you will never regret.
We hope that you enjoyed our breakdown of this interesting aspect of estate planning. For more detailed breakdowns, be sure to check out the other great content on our site!