Will & Living Will: What's The Difference?

Will & Living Will: What's The Difference?

The will is the most widely understood estate planning document, and of course it is used as a way for people to make their wishes known with regard to how they would like their assets to be distributed after they pass away.

You may have heard the term "last will and testament" and wondered about the "testament." There was a time when the document was divided into these two components with the will being used to clarify desired distribution of real property, with the testament being used for the distribution of personal property. At this point both functions are generally carried out by the document referred to as the will, and testament is a term that has slowly dropped out of usage.

Though wills are the most commonly used vehicle of transfer, they must pass through the legal process of probate, and many people would like to avoid that. Probate is public, and it can be time-consuming and expensive, so many folks look for alternatives. Creation of a revocable living trust is one of these alternatives, so there are those who confuse the living will with a living trust.

However, a living will has nothing to do with the transfer of real or personal property. With a living will sometimes referred to as an Advanced Directive - you state your wishes with regard to end of life medical procedures. Essential to most living wills is the issue of whether or not you would approve of the use of life support systems to keep you alive if you were in a terminal vegetative state and unable to communicate your wishes in real-time.

Living wills are highly recommended by many estate planning attorneys because leaving such a decision in the hands of your loved ones can be excruciating. Beyond that all of your family members may not agree on the correct course of action. Disagreements of this nature at such an emotional time can compound an already devastating situation, and they can be rendered totally unnecessary through the execution of this simple document where you clarify to everyone your personal wishes for these sensitive matters.

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