When it comes to estate planning, it’s common for people to confuse a Last Will and Testament with a Living Will. Here’s a quick guide to help clear up any confusion.
What is a Last Will and Testament?
A Last Will and Testament is a legal document that outlines how your property and affairs in your estate will be handled after your death. In other words, your Last Will and Testament details how your assets will be distributed and who will oversee that process. Here’s what it covers:
- Specifies who will receive your belongings and property. For instance, you might state, “I want Bobby Ray to get my baseball card collection.”
- Designates someone to manage and settle your estate. This person is responsible for wrapping up your affairs, paying debts, and distributing your assets according to your wishes.
What is a Living Will?
A Living Will is a document that expresses your wishes regarding medical treatment in certain situations. The decision outlined in a Living Will is highly personal. Some people may prefer to be kept on life support as long as possible, while others may choose to forego it if recovery is not possible. It primarily deals with:
- Specifies your preferences about life support and artificial nourishment if you are in a permanent vegetative state and there’s no chance of recovery.
- It’s your chance to let loved ones and doctors know if you want to continue life support or if you’d prefer to be removed from it if your condition is deemed irreversible.
