A standard will, sometimes referred to as a last will and testament, is the main document around which an estate plan is typically built. The goal of this will is to divide assets. The will can state how these assets should be divided, it can identify specific beneficiaries and it can address other related details.
Another estate planning document, however, is known as a living will. People sometimes mistake this for a last will, but the reality is that it is much different. It does not have anything to do with splitting up your assets. So what is the goal of a living will?
Leaving medical instructions
The general goal is to provide medical instructions for your family and your medical team.
After all, in the future, you could be incapacitated or have a medical emergency. You may need care, but you cannot communicate with the doctors about what type of care you want to receive or if there is anything you would like to avoid. This can delay the treatment process and sometimes lead to disputes between family members.
But with a living will, you can simply spell out what you want in advance. A common example is that people do not want to be kept on life support. If you believe your family may find it hard to let you go and may keep you on life support against your wishes, you could simply draft a living will instructing them not to do so. This way, they do not have to debate who should get to make the decision. They just follow your wishes along with your medical team.
Setting up your estate plan
Future planning for medical needs is an important part of estate planning. Be sure you know what legal steps to take as you set everything up for your family.