Wills play a vital role in determining how an individual wants their assets and holdings to be handled after their death. It also defines who shall be responsible for managing these assets and holdings until the Will is duly executed. However, considering there are several types of Wills, it is imperative to determine what type of Will at hand to ensure you execute it in the way it was intended to.
Living Will
Living Wills are written legal documents that may be executed by the individual (who the Will belongs to) during their lifetime, wherein they may choose to state if they want or do not want any medical assistance in case they become terminally ill in the future. It is not related to the disposal of any property, be it during the individual’s lifetime or after their death.
On the other hand, a last Will and testament, also known as a regular Will, is a formal, legal draft, which notes an individual’s intent with respect to their assets and holdings, that they wish to be executed after their death. This shall consist of strict guidelines that must be complied with when executing and implementing the Will.
Living wills are executed when individuals fall into a vegetative state and cannot state their preferences related to medical treatment. As such, it allows individuals to control aspects of their death and lets them die with dignity in instances where they become incapable to taking any decisions.
This difference makes it imperative to not consider living wills to be similar to regular wills.
Living wills do not have any specific format. Besides, along with your basic details and mandatory signatures, the will should also encompass the instances where their medical treatment should continue and where they should be stopped. This must be stated in clear terms to avoid any confusion as the individual will not be at a stage where they can make the choice for themselves.
The living will must also include the name of the family member who shall be liable to allow or withdraw the treatment being given to you. It must be noted, however, that a living will must be executed in the presence of two witnesses and should carry the notary or relevant authority’s signature. To put it simply, living Wills must carry all relevant details and instructions to ensure there is no confusion when it’s being executed.
Regular Will
The last will and testament, often referred to as a regular will, of an individual is a legal draft that states the guidelines for how their assets and holdings should be managed after their death. If an individual dies without a will, they are referred to as ‘intestate’ and their assets and holdings are governed by the state’s intestacy laws.
A
guardian for minor children as well as
an individual who shall be liable to manage their financial matters may be named in regular wills. As such,
parents of a minor child must prepare a Will.The person preparing the will, known as the ‘testator’, shall appoint an executor for their estate. The testator shall be responsible for aptly executing the will through the probate process. In addition, the testator shall also be responsible for collecting property, maintaining financial records and clearing any pending debts and tax dues after which they may deal with decedent’s property as per the provisions of the will.
Difference between Living Will and Last Will
A will is quite often referred to as ‘the last will and testament’ of an individual. It is a legal document that defines certain guidelines as per which the decedent’s property must be handled after their death. For example, the last will and testament of an individual may state whether all their property is to be equally distributed amongst their children, inherited by certain individuals or donated to any charitable organization.
| Note: A regular will is ONLY executed after the individual has died. |
Apart from having different effects, a regular will and a last will can be differentiated based upon the time when they are executed. While a last will and testament comes into effect when an individual dies, living wills are executed when the individual is alive but incapable of taking a decision about themselves.
A Last will and testament is a draft concerned with aspects related to your properties, assets and other similar particulars. While drafting such a will, you may appoint an Executor/Trustee, who shall be responsible for handling your properties, assets and other holdings after you pass away. You can appoint a guardian for your minor children, if any, and name them in such a will as well. Besides, this draft must be witnessed and carefully attested. It must further be noted that it shall only come into effect in the event of your death.
On the other hand, living wills are executed when you are alive. It is not less important than a regular will in any way and is concerned with aspects related to your health and how you wish to be treated with respect to medical matters. This includes:
- Choosing someone to speak for you in case you are incapable of doing so,
- Decisions related to life support,
- Plans for organ donation,
- Do-not-resuscitate (DNR) clauses,
- Views regarding different medical treatments,
- Details related to what the appointed attorney can and cannot do, and
- Liability of the appointed individual.
Similar to a last will and testament, living wills must be aptly witnessed and signed.
Conclusion
As living wills and regular wills are two different types of Wills, it is often asked - which one should you prefer and prepare. The answer is quite simple – both. While a living will shall ensure that you have the right to make a decision regarding your life and death, a regular will shall ensure that everything is managed well after you are gone. Besides, a regular will can also help ensure you children are aptly taken care of in case of your untimely death.
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