While a living will and a will seem similar in title, they serve vastly different purposes. In short: A last will and testament (commonly shortened to “will”) dictates the distribution of your assets after death and may contain appointments of guardians for dependents, while a living will outlines your medical treatment preferences when you are deemed terminally ill.
But how exactly are they different? Should you have both in place? This article aims to demystify the two, giving you the knowledge to make informed decisions about your estate planning and medical directives.
What Are the Wills?
Before we look into the differences, let’s clarify what each document entails.
Living Will
A living will indicates a person’s preferences regarding life-sustaining treatment near the end of life. More specifically, people who do not wish to be unnaturally resuscitated or be kept alive by breathing tubes can communicate those end-of-life decisions through a living will.
Will
Sometimes referred to as a last will and testament, this legal document comes into play after a person passes away.
A will typically names an executor to administer the estate planning aspects of the document. The aspects may involve a distribution of assets, maintaining accurate financial records, paying any outstanding taxes and debts, as well as non-monetary wishes. In addition, a last will can identify one or more guardians for your dependents and pets.
Key Differences Between a Living Will and a Will
While both legal documents cover certain aspects of estate planning and end-of-life wishes, they differ significantly in their purposes, their effective timelines, and their scope.
What Purpose They Serve
A living will — usually a part of an advance directive — outlines your end-of-life medical decisions and places limits on medical treatments should you fall terminally ill or unable to make or communicate those decisions.
By contrast, a last will and testament serves as a roadmap for the distribution of wealth after you pass. It can also be used to appoint guardians for dependents and manage wide-reaching affairs.
When They Become Effective
A living will provides a person’s preferences regarding medical treatments and decisions when someone is unable to advocate for themselves in end-of-life situations. In other words, it comes into play while the person is still alive.
A last will and testament comes into effect once the testator (the person who created the will) dies. At that juncture, the will’s executor carries out the detailed instructions contained in the will. An executor can be a predetermined friend, loved one, attorney, or someone appointed by the court.
What They Concern
Living wills serve as direct communication to medical professionals, providing them with guidance during critical health crises. In addition, creating a living will require careful consideration of various medical scenarios and a deep understanding of your personal values regarding life-sustaining measures and other medical decisions such as pain management.
Wills, in contrast, are directives primarily aimed at your loved ones and the executor of your estate, orchestrating the distribution of your assets and affairs after your passing. Creating a last will and testament calls for a reflective evaluation of your assets and careful planning and foresight regarding your financial affairs.
Do I Need It?
If you’re indifferent about certain medical interventions at life’s end, a living will may seem unnecessary. Yet, the absence of one places the weighty task of decision-making on family members during emotionally taxing times.
On the other hand, a will is a must-have document to ensure your estate is distributed according to your desires, not just under the impersonal hand of intestacy laws.
Consulting with an estate planning attorney can provide clarity and ensure that your wishes are legally documented.
Do I Need a Living Will?
A living will ensures swift medical action that aligns with your wishes, avoiding treatments that may cause you unnecessary pain or go against your beliefs.
In addition, creating a living will allows you to alleviate the emotional weight from your family’s shoulders, sparing them from making agonizing decisions about your medical care. Without a living will, someone in your orbit will be tasked with making seemingly impossible end-of-life decisions.
Lastly, having a living will in place can prevent the financial burdens of extended medical care that you wouldn’t want, protecting your family’s financial stability.
Do I Need a Will?
A will is a foundational element of estate planning. It guarantees your assets are distributed according to your desires rather than being decided by your state’s intestate laws.
Drafting a will also allows you to appoint a trusted person as the guardian of your minor children, providing you with peace of mind about their care and future well-being. By detailing your wishes, you can prevent potential family disputes and legal challenges that could arise when there is no clear directive.
Furthermore, having a will can simplify the probate process for your heirs, potentially reducing the time and expense needed.
Without a last will and testament, beneficiaries could encounter differing ideas about wealth distribution and other issues. A will removes various burdens, allowing friends and family members to move forward feeling good about you and the thoughtful consideration you put into estate planning matters.
► READ MORE: How to Write a Will
Conclusion
Living wills and wills, each essential in their own right, form a comprehensive approach to estate planning. It’s not a matter of choosing one over the other; to truly secure your legacy and provide for those you care for, both a living will and a will are indispensable.
Create your estate plan with us today to ensure that your wishes are clearly articulated and legally recognized.
Other Common Comparisons
In the realm of estate planning, it’s easy to get lost in a sea of documents that all seem to have overlapping purposes. This section serves as your quick guide to distinguishing among these important documents.
Living Will vs Advance Directive
Technically speaking, a living will is a type of advance directive. It varies state to state, but generally, an advance directive is a broader term encompassing any legal documents detailing your health care preferences. A complete set of advance directives usually includes a medical power of attorney, a living will, and a DNR order.
► READ MORE: Advance Directive vs Living Will
Living Will vs DNR
A living will outlines your preferences for life-sustaining treatment in various medical situations, but it generally does not cover specific directions on resuscitation.
If you’d like to explicitly refuse CPR or advanced cardiac life support when your heart or breathing stops, a Do-Not-Resuscitate (DNR) order is necessary. A DNR order specifically directs healthcare providers not to perform CPR or advanced cardiac life support if your heart or breathing stops, without addressing other forms of medical intervention.
For complete end-of-life planning, it’s essential to have both: a living will for broader healthcare instructions and a DNR for clear resuscitation refusal.
► READ MORE: What Is a DNR Order and Why It Matters
Living Will vs Living Trust
A living will details your wishes for end-of-life medical care if you can’t communicate. In contrast, a living trust is a legal document that designates a trustee to manage your assets for the benefit of beneficiaries, effective during your lifetime and after death.
While a living will pertains only to healthcare, a living trust handles asset management and distribution, two distinct areas of your estate planning.
Living Will vs POA
A living will specifies your medical care preferences near the end of your life, while a power of attorney (POA) allows you to designate an agent to make decisions on your behalf. The decisions can include health care or financial matters, depending on the type of POA you create. Together, they ensure comprehensive coverage of your wishes in health and financial affairs.
► READ MORE: Living Will vs Medical Power of Attorney
