When you think about a will in an estate planning context, the document that will probably come to your mind is the last will. This is the most commonly used estate planning tool, and of course its purpose is to direct the distribution of your assets to your heirs after you pass away.
The last will is not the only will that is utilized by northern Kentucky estate planning lawyers. An advance health care directive called a living will is also recommended. These documents have nothing to do with property transfers. They are used to record your preferences regarding medical procedures such as the use of life support.
If you were incapacitated and unable to communicate your wishes, the matter would be placed into the hands of your family who would be faced with an agonizing decision, and families can sometimes disagree about the correct course of action. By executing a living will you can avoid this possibility.
Another type of will to consider is an ethical will. An ethical will is not a legally binding document. It is used to communicate your final thoughts to your loved ones, and as the name implies traditionally ethical wills have been used to impart the ethical values of the author.
Sharing your wisdom with your loved ones via the creation of an ethical will is a meaningful act of giving from the heart. They have been utilized for centuries and they serve a very valuable purpose as a way to pass along moral guidance to succeeding generations.
- 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