In the world of estate planning, there are a variety of documents you can use to protect your assets, provide for your loved ones and plan for unforeseen events.
One of the most common of these documents is the Will, but not every type of Will is the same.
For example, a Last Will and Testament is the traditional “Simple Will” that outlines how your assets should be distributed after you’re gone. This document can also be used to set up a trust after your death and it can designate who should care for your minor children as well.
A Living Will on the other hand, is a document used to protect you in the event you become disabled and are no longer capable of making your own medical decisions. This document tells your healthcare providers what medical treatments you do and do not want in certain situations.
As you can see, both documents are equally important to your estate plan but each addresses a very different and unique aspect of your plan. What’s more, these aren’t the only two types of “wills” you’ll encounter as you create your plan.
To ensure that your estate plan meets all your needs, it’s best to consult with a qualified estate planning attorney.
- The Magic of Grantor Trusts - November 1, 2023
- IRS Confirms Grantor Trust Status Alone Does Not Cause a Step-Up in Basis - October 26, 2023
- Understanding the Importance of the Simultaneous Death Act - October 19, 2023