Read on to learn the difference between a will and a living will and why you need them.
How Wills and Living Wills Affect Your Financial Affairs
Financial preparedness is important for everyone. Although wills aren’t something that many people enjoy discussing, it’s beneficial to get your financial affairs in order and have an understanding of them.
Organizing Financial Affairs: Understanding a Will
A will is a legal document that articulates who you wish to distribute your property to, along with the care of any minor children you may have after your death.
Individuals who don’t establish a will ultimately leave decisions about their estate up to the judge or state officials.
Although many individuals avoid preparing a will, it’s beneficial to have one in place. A will helps you and your family have a clear understanding of who gets your assets. In addition, having a will in place ensures that your heirs can access your funds a lot easier.
If you have children, you will also be able to determine who will care for your children should something happen to you to give you peace of mind.
Understanding a Living Will
A living will is a legal document that spells out your personal choices regarding your end-of-life medical care. A living will maps out things such as what medications you want or don’t want to prolong your life.
Keep in mind that a living will isn’t just for end-of-life care. It can be beneficial even if you are under anesthesia for surgery and need someone to talk to the doctors for you.
One of the main benefits of having a living will in place is that you can still have control over your life. A living will allows you to voice any medical concerns you may have and the procedures you want or don’t want, even if you aren’t coherent.
Another benefit of a living will is that it alleviates stress for family members who may find themselves making life or death decisions about your care.
How Wills and Living Wills Differ
If you’re getting your affairs in order, then it’s a good idea to contact a business planning lawyer in Las Vegas. The main difference between a will and a living will is its function.
A will determines how your estate will be distributed after your death whereas a living will outlines your medical care. However, both are beneficial in ensuring you keep your affairs in order.
