They sound like they might do similar things, don’t they? But although both of these legal documents perform very important roles in your estate plan, a Will and a Living Will are actually very different.
A Will is a document used to tell the courts how you would like your estate to be dissolved. This includes distributing your assets, paying off your debts and naming a guardian for your minor children if needed.
A Living Will on the other hand, is a document that tells your healthcare providers how you wish to be treated in certain medical situations. You can address issues such as feeding tubes, nutrition and hydration in this kind of document so that in the event you are no longer able to speak on your own behalf, your Living Will can instruct your doctors for you.
Also, your Will does not become active until after your death. Your Living Will however, is only active while you’re alive.
Of course, these aren’t the only two documents you should have in your estate plan. To learn more about building a complete estate plan and protecting both your assets and your loved ones, call our office today.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.