Will vs Living Will
A detailed comparison to help you choose the right option.
Last Will and Testament
A legal document that specifies how your assets should be distributed and who should care for your dependents after your death.
Advantages
- Controls asset distribution
- Names guardians for children
- Appoints an executor
- Can be updated anytime
Disadvantages
- Only takes effect after death
- Goes through probate
- Doesn't cover medical decisions
- Can be contested
Living Will
An advance directive that outlines your wishes for medical treatment if you become incapacitated and cannot communicate.
Advantages
- Guides medical decisions during incapacity
- Reduces family conflict
- Takes effect while alive
- Provides peace of mind
Disadvantages
- Limited to medical decisions
- May not cover all scenarios
- Requires specific language
- Must be communicated to healthcare providers
Key Differences
- 1Timing: Wills take effect after death; living wills during incapacity
- 2Scope: Wills cover assets and guardianship; living wills cover medical decisions
- 3Probate: Wills go through probate; living wills do not
- 4Both are important: Most estate plans should include both documents
Which Should You Choose?
You likely need both. A last will handles your assets and dependents after death. A living will ensures your medical wishes are honored if you become incapacitated. Combined with a power of attorney, these form the foundation of a complete estate plan.
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