What Is the Difference Between a Last Will and a Living Will?

A last will is a legal document that does not come into effect until after a person, called the testator, has passed away. The last will can be changed at any time before an individual’s death. It outlines how a person wants their property and assets distributed after their death. The last will also nominate guardians for minor children, dependents or pets. A living will differs in that it’s a set of instructions called an advance directive that states what medical care you prefer in case you can’t make decisions for yourself. Situations where a living will serves an important purpose are terminal illness, severe injury or late-stage dementia. 

What is an Executor?

A testator will also nominate an executor whose duty is to carry out the wishes outlined in the last will. An executor will pay off debts and outstanding taxes, close bank accounts and credit cards and wrap up the deceased’s remaining business.

What Happens If I Don’t Have a Last Will?

State laws, known as intestacy laws, determine how your property and assets will be divided if you don’t have a will. This can take months or years and can cause stress for your loved ones, so it’s a good idea to complete a last will and testament.

What Is a Living Will?

To understand a living will, also known as the end-of-life will, consider this scenario:

An EMT brings an injured person on a gurney into an emergency room. They’ve been in a car crash, and they’re incapacitated. The doctors want to take some dramatic life-saving steps, but the person has strong feelings about blood transfusions or the use of breathing tubes.

However, the doctors don’t have to worry because the patient has left a living will where they have dictated their health care preferences for a moment like this. The doctors no longer need to make these treatment decisions for the patient because the patient has already made them. 

Living wills speak for the incapaciated person when the person cannot speak for themselves. It ensures their beliefs and wishes are carried out no matter the circumstance. 

Can I Get Someone to Speak for Me If I’m Incapacitated?

An individual can also be authorized to speak directly with medical personnel regarding treatment for an incapacitated patient. A health care power of attorney, which is usually part of a living will, allows this.

You should give a copy of your living will to your primary care physician, other medical professionals who treat you and a spouse or close family member.

When Does a Living Will Go into Effect?

Living wills, also legal documents, are not used in treatment until the moment a patient is incapacitated. Like a last will, a living will be changed or canceled at any time before an individual is incapacitated.

Do I Need a Last Will and a Living Will?

It’s a good idea to have both wills. While these wills serve different purposes, both provide your family with peace of mind and ensure your wishes are followed.

Creating these wills when you’re healthy allows you time to consider how you want to use them. The last will allows probate to go much faster, while a living will enable your family to give medical professionals your health care preferences with confidence.

Do I Need to Use a Lawyer?

The short answer is no. The Internet contains several sites that allow you to create these wills for reduced fees. However, with the last will, if you have many assets and numerous properties, it’s probably a good idea to work with a lawyer.