A last will is key to estate planning.
There are two types of "wills" when it comes to estate planning, and oftentimes they are confused.
What are they?
The first is the “living will.”
The second is the “last will and testament.”
According to a recent The Daily Sentinel article titled “It’s important to have a Last Will and Testament,” these serve distinctly different purposes.
A living will focuses on health care.
With a living will you can provide details on your end-of-life care decisions.
Also known as an Advance Directive, a living will protects loved ones from having to make stressful and emotional decisions while dealing with your impending death.
A living will is effective while you are yet alive.
A last will and testament, on the other hand, only takes effect at your death.
What is included in this last will?
You can pass your assets through it to your heirs after the probate process is completed.
An executor should also be appointed to settle your estate according to your wishes.
Do you have minor children?
A last will is where you can select a guardian for them.
What happens if you neglect to make a last will?
You will die intestate.
A judge will decide who gets what and who takes care of your children according to the laws of the state.
This is a slow process and can be stressful for your loved ones.
Do not do this to them.
Work with an experienced estate planning attorney to get your affairs in order.
Reference: The Daily Sentinel (June 1, 2019) “It’s important to have a Last Will and Testament”