One thing you cannot deny is that the issue of wills or will has been in contention way so many times from different places. However, many people do not know the difference which exists between various types of wills. In fact, there are some people who do not even know of the various types of wills which exist. As such, they cannot even come up with proper differences between a living will vs last will.
In general, people are supposed to know about the differences between these two types of wills. However, lack of interest in matters of this kind means that many people have never bothered to know the differences which never exist between these two types of wills.
In this view, therefore, the text below looks and offers a proper analysis into what a living will vs last will and how they work. If you have had some questions regarding this kind of will then this text offers you the best answers to them and offers you conclusive responses.
What Is A Living Will?
The best place to start from with the analysis of the living trust vs will is to start by defining what a living will. Doing so will enable you to understand exactly what this kind of a will is and how and why you might need it and in which circumstances.
A living will is in some cases referred to as an advance directive. This document is a legal document that provides instructions with regards to the medical care a person who is critically ill and cannot speak wishes to receive. This means that if there is someone who is so ill and cannot talk regarding how they would like to be treated then a living will be applied.
In this will, an attorney is named with the view of representing the interests of the sick person. The attorney will then communicate to the doctor regarding how best to treat the patient as per his or her own interests. It should be noted that an individual’s desires might vary from one person to the other which might bring in variations in the nature of some of these living wills.
However, it should be noted that the greatest difference between a will vs living trust is in its structure and not what is contained in it. Therefore, even though there might be some variations in the desires of an individual in the living will, its purpose does not vary.
What Is A Last Will?
Having looked at what a living will is, it is now time to turn around and look at what the last will is. It is only this way that you will be able to obtain and note down some of the key differences which exist between these two types of wills.
The Last will is a bit different from a living will and is what many people know already. This kind of will entails instructions on what should happen to an individual’s assets after his death. If a person dies without a will then they are said to be intestate and there are laws that govern this procedure.
It should be noted also in this kind of a will that it is possible to name a minor or a guardian to a minor in a will. These people can manage the financial affairs of the deceased and also be involved in a lot of his matters as well. It is recommended that if you are a parent or even a minor then you need to have a will that will take care of your affairs once you are gone.
The Key Differences Between A Living Will And A Last Will
One of the things which have not been coming out quite clearly is the key differences between a living will vs will. From the text above, you can clearly see that one of the main differences between a living will and the last will is the purpose of these wills.
This is quite simple to understand and an easy difference to the state between a living will vs last will. However, other than this there are also other differences to the same well. For instance, the time during which this will come into effect.
For the living will, the will comes into effect when the holder of the will is critically ill and can no longer talk. This is different from the last will which is applied only after its holder is dead or moments after that.
The other key difference is the contents between the living will vs last will which appear to target two different types of people. The living mainly talks about one’s preferred treatment when he or she can no longer speak and would like to be treated in a certain manner. On the other side, the last will mainly talk about the distribution of the deceased’s wealth and assets.
Living Will Or Last Will Which One Should You Go For
One of the questions which come up after an analysis of a Living will vs last will is which do you need to go for. In many cases, the last will is the best will to go for, or at least that is the case according to many people. However, if you are a very old person who is suspicious that you could get some serious incapacitating disease then having the two wills can be a proper thing to do.
The discussion of a living will vs last will has been around for way too many years. This discussion entails many things and the text above attempts to provide some explanations for some of these factors and things as provided above. Read the text above and see if you can find one or two things about these two different types of wills.