You probably know what a last will and testament is, but you may not be as familiar with living wills. A living will is another extremely important document for outlining your wishes. Here’s what you should know about what a living will is and how it’s different from a traditional will.
A traditional will explains what a person wants to happen to their assets after they die. A living will, on the other hand, takes effect when a person is still alive. This type of will becomes relevant if a person becomes disabled or incapacitated and is no longer to express who they want to inherit their assets or how they want their healthcare to be handled. A living will details what decisions should be made in this situation and who has the right to make them. It also provides instructions for how a person’s funeral should be carried out in the event that they pass away.
It’s important for a person to have both a last will and testament and a living will. Without these documents, there can be a lot of arguments among family members over who inherits which assets or what to do when a person is hospitalized. With clear legal instructions, a person can ensure that their wishes are met even when they are no longer able to express themselves properly.
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