Living Will vs Last Will: A Simple Guide to Understanding the Difference
Have you ever wondered about the difference between a living will and a last will? While they may sound similar, these two legal documents serve very different purposes in your life planning. Let’s break down each one in simple terms.
What is a Last Will?
A last will, also known as a “last will and testament,” is what most people think of when they hear the word “will.” It’s a legal document that explains how you want your property, money, and other assets distributed after you pass away.
Example of a Last Will: Imagine Sarah, a mother of two, creates a last will stating that her house should go to her daughter Emma, her retirement savings should go to her son Jake, and her vintage car collection should go to her brother Tom. This document only takes effect after Sarah passes away.
What is a Living Will?
A living will is completely different – it has nothing to do with property or money. Instead, it specifies what medical treatments you want (or don’t want) if you become terminally ill and can’t communicate your wishes.
Example of a Living Will: John, a 45-year-old accountant, creates a living will stating that if he’s ever in a permanent vegetative state, he doesn’t want to be kept alive by artificial means. This document guides his doctors and family while he’s still alive but unable to make medical decisions.
Key Differences at a Glance
- Timing:
- Last Will: Takes effect after death
- Living Will: Works while you’re alive but incapacitated
- Purpose:
- Last Will: Distributes your property and assets
- Living Will: Guides medical care decisions
- Decision Maker:
- Last Will: Names an executor to handle your estate
- Living Will: Names a healthcare proxy to make medical decisions
Why You Might Need Both
Having both documents is part of complete life planning. A living will protects your medical wishes while you’re alive, while a last will protects your family and assets after you’re gone.
Don’t wait to create these important documents. You can easily create your will online through professional services. Visit Law Tarazoo to get started with your will-making journey today.
Additional Tips
- Review and update both documents regularly
- Keep copies in easily accessible places
- Inform your family about their existence and location
- Discuss your wishes with loved ones
- Consider consulting with a legal professional
Author – Shravani Mekade
Remember, having these documents in place gives both you and your loved ones peace of mind.
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