There are some rudimentary estate planning documents that can be a bit confusing if you haven’t seen them before and we would like to take a look at them here to clarify them.
The last will is a document that everyone understands as used to transfer assets. However, there are other wills used in the field of estate planning and one of these is the living will.
Living wills are highly recommended to anyone who wants to have a comprehensive plan for aging in place, but they have nothing to do with financial matters.
A living will expresses your preferences concerning potential medical procedures that may be available to you if you become incapacitated. The central question for a living will is whether or not you would want to be kept alive via the use of artificial means under a circumstance where there is no hope for your recovery.
Living trusts on the other hand are used to asset transfer and are popular alternatives to last wills. The primary reason why many people prefer these trusts is because they facilitate the transfer of assets in a direct and timely manner outside of the often bulky process of probate.
To gain an in-depth understanding of the options available to you and obtain recommendations based on your unique situation simply take a moment to pick up the phone to arrange for a consultation with an Ashland KY estate planning lawyer.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022