You’ve probably heard what a last will is. But what about a living will? Here are their definitions and differences.
A living will is a legal instrument that outlines the medical treatment that a person prefers should they become incapacitated. A doctor will review the living will to determine the patient’s medical care preferences when and if the said person falls unconscious due to a terminal disease or an accident.
This also helps protect your family from making a tough decision. If a patient does not have one, doctors will usually opt to consult the spouse or a family member for choices concerning medical treatment.
A last will is a legally binding document in which a person expresses their last desires about their possessions, properties, and estate assets. It gives detailed directions on how to handle their belongings.
Setting up your last will can be a daunting task, but it is the best solution to ensure that assets are distributed the way you intended.
What Is the Difference?
The key distinction between a final will and a living will is when each of them kicks in. A final will takes place after death, but a living will takes place while the individual is still living but incapacitated.
Both documents are very important; hence, storing them safely is paramount. Consider storing these in a digital storage vault.
Which One Should I Have?
Perhaps you’re wondering which of the two you should have. The answer is simple: almost everyone ought to have both. Each provides you with peace of mind and security for your loved ones.
For estate planning storage in Chicago, Illinois, Life Snapshot®, Inc. has your back. To learn more, visit www.lifesnapshot.com and take advantage of our FREE 14-Day Trial.
