Wills vs. Living Wills: Understanding the Differences

Understanding the differences between wills and living wills is crucial to ensure your wishes are respected both during your life and after your death.

What is a Will?

A will is a legal document that outlines how your assets will be distributed after your death. It allows you to appoint an executor to manage your estate, specify beneficiaries, and provide instructions for the distribution of your property and possessions

Key Features of a Will:

• Asset Distribution: Specifies who will inherit your assets.
• Personal Representative (Executor) Appointment: Names a person to manage your estate.
• Probate Process: Must go through probate, a court-supervised procedure to validate and enforce the will.

What is a Living Will?

A living will, also known as an advance healthcare directive, outlines your wishes regarding medical treatment and end-of-life care if you become incapacitated and unable to communicate your decisions.

Key Features of a Living Will:

• Medical Directives: Specifies your preferences for life-prolonging medical treatments and life support.
• Healthcare Decisions: Guides healthcare providers and loved ones in making decisions that align with your wishes.
• Medical Determination: Typically requires confirmation from multiple doctors regarding your medical condition before directives are followed.
• No Probate: Does not involve probate as it addresses healthcare decisions during your lifetime.

Benefits of a Will:

• Control Over Asset Distribution: Allows you to decide who receives your property and possessions.
• Clarity: May reduce the likelihood of disputes among beneficiaries.

Benefits of a Living Will:

• Medical Autonomy: Ensures your medical treatment preferences are followed even if you cannot communicate.
• Relieves Burden: Provides clear guidance to loved ones, reducing the emotional burden of making difficult medical decisions.
• Prevents Unwanted Treatments: Helps avoid medical interventions that you do not wish to receive.

Conclusion:

Both wills and living wills are essential components of a comprehensive estate plan. A will addresses the distribution of your assets after death, while a living will ensures your healthcare preferences are respected if you become incapacitated. For a thorough estate plan, it’s beneficial to have both documents in place. Contact our Ocala estate planning attorneys at Klein & Klein, LLC for a consultation today to discuss how we can assist you with your estate planning needs.