Living Will verses a Last Testament and Will
It is always important to have a will to make sure that your wishes are met in order to provide for your family and friends. There are two main types of wills that most people execute while doing their estate planning – a living will and a last testament and will. But what is the difference?
A living will, also called an advance healthcare directive, specifies what is to be done if a person cannot make decisions for themselves due to incapacity or illness. Most living wills direct if someone wants to be kept on life support, especially if that is the only thing keeping the person alive. In a living will, there is no executor. This is a person’s final directive while they are still alive, addressing their quality of life if some accident or illness befalls them.
In comparison, a last testament and will goes into effect after a person dies. This will directs how a person wants their assets and property to be disturbed after their death. This type of will makes sure that their wishes will be followed when they are gone. In this will, the person chooses an executor. The executor executes the will on the person’s behalf. The executor is responsible for distributing the assets and property as stipulated in the will.