Estate plans can include several different powerful legal instruments. It can be very confusing to learn about the estate planning process, in part because there is so much jargon and so many different documents that people can integrate into their plans.
Some of those documents also have similar names, which may only enhance the confusion that testators planning their estates may experience. For example, people may want to establish a last will and testament. They may also want to add a living will to their estate plan. What is the difference between these two documents with similar names?
Last wills take effect after death
A last will and testament or will is a document describing an individual’s last wishes. People use wills to identify their beneficiaries, especially if they want to leave money to people other than their spouses and children. They can leave instructions to distribute specific assets to individual beneficiaries.
They can name someone to act as their personal representative or executor. They can even name a guardian to care for their children if they have any minors still living at home. A will only has legal authority when the person who drafted the document dies. It serves as a guide throughout the estate administration process.
A living will is for emergencies
Technically, Virginia no longer uses the term living will. The state has updated its terminology to use the more modern phrase advance medical directive. Unlike a last will and testament, an advance directive is a document that has authority when the person who drafted it is still alive.
If someone experiences a medical emergency that incapacitates them or they have a major decline in health due to disease or age, their living will can provide guidance regarding their medical preferences. People can leave clear instructions regarding what kind of treatment they want to receive and who can make medical choices on their behalf.
Both advance directives and wills can be important inclusions in a comprehensive estate plan. Taking the time to think about emergency scenarios and what may happen to loved ones after a tragedy can help people plan for the future.