When it comes to estate planning, understanding the different types of legal documents available is crucial. Two important documents that often come up are the living will and the regular will. While they both play vital roles in your overall estate plan, they serve very different purposes. Here’s a closer look at what a living will is and how it differs from a regular will.
What is a Living Will?
A living will, also known as an advance health care directive, is a legal document that outlines your preferences for medical treatment in the event that you become incapacitated and unable to communicate your wishes. This document specifies the types of medical interventions you do or do not want, such as life-sustaining treatments, resuscitation efforts, and palliative care options.
Key features of a living will include:
- Medical Preferences: It details your wishes regarding specific medical treatments and procedures.
- Incapacity Planning: It comes into play when you are unable to express your desires due to illness or injury.
- Healthcare Proxy: While a living will outlines your treatment preferences, it can be accompanied by a health care power of attorney, which designates someone to make medical decisions on your behalf.
What is a Regular Will?
A regular will, or last will and testament, is a legal document that specifies how you want your assets distributed upon your death. It also allows you to designate guardians for minor children and appoint an executor to manage your estate.
Key features of a regular will include:
- Asset Distribution: It outlines who receives your property and assets after you pass away.
- Guardianship: It allows you to name guardians for any minor children.
- Probate Process: A regular will must go through probate, which is the legal process of validating the will and distributing assets according to its terms.
Key Differences Between a Living Will and a Regular Will
Why Both Documents Are Important
Having both a living will and a regular will is essential for comprehensive estate planning. A living will ensures that your medical preferences are respected during critical times, while a regular will provides clarity on how your assets should be handled after your death. Together, these documents help ensure that your wishes are honored both in life and after death.
Understanding the differences between a living will and a regular will is crucial for effective estate planning. By having both documents in place, you can ensure that your healthcare preferences are respected and that your assets are distributed according to your wishes. The Eastman Law Firm specializes in helping clients navigate these important aspects of estate planning.
To learn more about creating a living will or regular will, or to schedule a consultation, you can contact:
Name: The Eastman Law Firm
Address: 4901 W. 136th Street, Ste. 240Leawood, Kansas66224
Phone Number: (913) 908-9113
Website: www.theeastmanlawfirm.com
