You’ve probably been told at some point in your life that you need a will and a living will. While these legal documents are an important part of planning, it is important to understand what each document offers.
Take a look at the following guide to learn the importance of both a will and a living will. If you don’t have either in place, consult with a qualified estate planning attorney.
What does a will do?
A will is a legal document that you create during your lifetime. This document is not effective until AFTER your death. In your will, you are able to accomplish a number of things.
You are first able to decide how your assets will be distributed after your death. You are also able to appoint an executor who will be responsible for winding down your financial life. Lastly, you are able to appoint a guardian who will be responsible for caring for your children.
What does a living will do?
A living will is also created during your lifetime. This document is also used at the very end of your life.
If you become seriously ill or incapacitated, and your living will is effective, medical professionals will follow the instructions outlined in your living will.
You are able to outline your desires for certain treatment options and procedures. This includes deciding whether you want to remain on life support or if you’d rather die peacefully.
You need both!
Take the time to discuss the need for both legal documents with an estate planning attorney.
Take the time to create an effective estate plan so that you are protected in the future.
If you have any questions about the need for a will or living will, consult with a qualified estate planning attorney.