Introduction
A will is an essential document in gauging how a person wishes their assets and holdings to be managed post death. It also defines who shall be responsible for managing these assets and holdings until the Will is duly executed. There are many kinds of wills, so it is essential to figure the type at hand to execute in the respective way.
Living Will
Living Wills are drafted as legal documents that should be executed by the person during their time of being alive, wherein they decide if they need or do not need any medical assistance if they suffer from any kind of terminal illness in the coming years. It does not relate with any property both at the time of being alive or dead.
Further, a last will also commonly called a regular will is a formal draft that states a person’s intent in terms of their assets and possessions that they desire for execution post death. This shall consist of strict guidelines that must be complied with when executing and implementing the Will.
Living wills are put into action when a person gets into a vegetative state and is unable to express their preferences with respect to medical treatment. It allows people to control their death aspects and allows them to die with respect and dignity in times where they are incapable of taking any decisions.
Living wills do not have any specific format. Your basic details and initials are needed, and it should state the extent of medical assistance and when it should end. This should be clearly mentioned to avoid confusions as the individual will not be in the stage to justify or change their decisions later.
It is important to also include the family member’s name will be liable to make decisions with respect to withdrawing or allowing the treatment given by you. This will have to be executed in front of two witnesses and should carry the notary. To put it simply, living Wills must carry all relevant details and instructions to ensure there is no confusion when it’s being executed.
Regular Will
A Regular will is regarded as a legal draft that mentions the guidelines for how their possessions should be managed post death. If a person dies without a will, they are considered as ‘intestate’ and therefore their assets are held by state’s intestacy laws.
For minor children, a ‘guardian’ who will be liable to manage their money and finances must be named in regular wills.
A ‘testator’ – person preparing the will should get an executor for their estate. This person will be responsible for carrying out the will via probate process. The testator will also be liable to property collection, overseeing the financial records and resolving pending debts.
Difference between Living Will and Last Will
It is a legal document that describes certain protocols according to which the decedent’s property should be managed post death. For instance, the last will may convey whether the all the wealth is to be distributed equally amongst their children or donated to any charitable organization. A will is known as the ‘last will and testament’ of a person. It is a legal document that describes certain protocols according to which the decedent’s property should be managed post death. For instance, the last will may convey whether the all the wealth is to be distributed equally amongst their children or
| Note: this is only executed after the person has died. |
A regular will and a last will can be differentiated depending on the time of execution. The last will is implemented when the person expires living wills are implemented when the person is alive but incapable of deciding.
For drafting a living will, you may appoint a trustee who will be liable for holding your properties, assets and any such thing after you pass away. A guardian for your minor children should be appointed. This draft must also be witnessed and attested.
Living wills are executed while you are living. It is equally important as a regular will. It is concerned with aspects like your health and how you wish to be treated in medical matters. This includes:
- Choosing someone to speak for you in case you are incapable of doing so,
- Decisions related to life support,
- Plans for organ donation,
- Do-not-resuscitate (DNR) clauses,
- Views regarding different medical treatments,
- Details of what the appointed attorney can do/cannot do
- Liability of the appointed individual.
Living wills should be aptly witnessed and signed.
Summary
Living wills and regular wills are two different types of wills – it is your choice which one you prefer. Ideally – you should go for both. Living will give you the dignity you may seek with respect to your life and death, a regular will may give you the satisfaction that everything will be managed well after you are gone. Besides, a regular will can also help ensure you children are aptly taken care of in case of your untimely death.
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