Even though a lot of people confuse the terms, Last Will and Living Will, they are completely different legal documents designed to meet very separate needs. In this post, we’ll be talking about both documents and how you can benefit from both. You can also learn more about it by visiting burzynskilaw.com.
The last Will refers to a legal document that describes the way you want your property shared after your death. Through this document, you can also determine when and how you want this property to be shared. For instance, if you want a certain person to get property after doing a task or get to a particular age before getting it, you can state it in the Will.
Additionally, you can indicate guardians for your dependents, children, or pets in your Will. It helps to ensure people in your care are cared for, even in your absence. You can also indicate an executor that will carry out the wishes in your will. This can include distributing assets to your beneficiaries, paying outstanding debts and taxes, closing accounts, and others.
The individual who writes a will is known as a testator. And the organizations or people who receive asserts from the will are beneficiaries.
Importantly, if you pass on without a will, state-specific laws will determine who gets your property and other assets.
A living Will refers to a legal document that lets you specify the kind of healthcare you want in a situation where you can’t communicate. For instance, if you get unconscious after an accident, your living Will get activated. A living Will covers healthcare procedures such as:
Based on where you reside, a Living Will can also be referred to as an “advance healthcare directive” or “medical directive.” It helps your loved ones navigate tough medical decisions confidently, knowing it’s what you truly want.
An attorney-in-fact is mentioned in a Living Will. Their duty is to represent your interest as a living will owner. This allows them to communicate with doctors and other medical staff concerning your wishes.
Are you wondering if a living or last Will is the right choice for you? Well, the truth is that everyone with properties and dependents needs both. No one can truly predict when disaster will strike. Having both types of Will in place will offer you peace of mind knowing your wishes will be granted even when you’re not in the position to enforce them.
Aside from the fact that living and last Will serve various purposes, another major difference between them is timing. A last will isn’t effective until its owner is dead, but a living will is effective while its owner is still alive but unconscious.
When creating both wills, you should understandably state your intentions. It’s also important that you create it in the right state of mind and in front of two independent witnesses who aren’t part of the will.
Less Stress And Disputes For Your Beneficiaries
When there’s a Will in place, it’ll be easier for your relatives, family, or friends to sort out property distribution after your demise. Without any Will in place, the process will be stressful, time-consuming, and likely cause disputes due to a lack of clarity.
Less inheritance tax
Having a Will can assist in reducing the amount of inheritance tax on the value of the money and property you leave for your loved ones. As a result, it’ll help to increase tax savings. Since this procedure works differently in various states, you should contact your lawyer to understand better how it works.
It hastens The Overall Process
Once there’s a Will in place, your executors will be able to access your assets without having to go through court proceedings. Court proceedings can take months, which results in family members being unable to access vital cash flow in due time.
Among other wishes, you can include your funeral arrangements in your Will. It’ll help to ensure your funeral arrangements goes according to your wishes.
The benefits mentioned above mostly apply to common law jurisdictions. It’s best to consult your local lawyer to know if certain rules are only applicable to your state.