Will or Living Will

Most people have heard the terms “Last Will and Testament”, “Living Will”, “Health Care Advance Directive”, and “Trusts”, but not everyone knows what each associated document does.  All of them may be part of one’s estate plan; not everyone’s estate plan needs each one.  An attorney can explain each in detail and help you decide which ones are appropriate for your needs.  It’s still important to know what the different documents do though, so below is a brief description of each. 

Last Will and Testament – Commonly referred to as simply a “Will”, a Last Will and Testament is a written instrument that provides instructions for how your estate (real and personal property) will be distributed upon your death.  If you die without a will, what’s called “intestate”, your estate passes according to a preset order (spouse, lineal descendents, parent, etc).  A Will changes that order to one you decide on.  A Will can split your estate between people or ensure specific property goes to a specific person (e.g. you want your car to go to best friend).  Wills can also provide other kinds of instructions, such as who will take care of your minor children or if you want to be cremated. 

Living Will – This is a bit of a misnomer as Living Wills are not actually Wills.  They can be written or oral and are used to instruct your family and doctors that you wish to die naturally and do not want your life prolonged by artificial means. 

Health Care Advance Directives – Technically, a Living Will is a type of Health Care Advance Directive.  Directives let you plan for incapacity, in other words, what you want to medically happen when you cannot make decisions for yourself.  Using a Directive, you can appoint someone to be your surrogate and make medical decisions for you.

Trusts – There are a few different kinds of Trusts, but generally speaking, Trusts allow for the benefit of property to be transferred separate from the ownership and ability to control the property.  They can be useful for estate planning, especially for large estates or for people with minor children.  Trusts can be created in numerous ways, including through a Will.

If you wish to create any of the above instruments, or learn more about your estate planning options, you should consult an attorney.