Living Will vs. Regular Will
A regular will and a living will have one thing in common: They serve as your legal "voice" when you are unable to speak for yourself. But they're used in very different circumstances. A living will applies to your medical care when you are near death. A regular will spells out your wishes for what should happen after you die.
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Terminology
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A regular will is also called a testament, and the person who creates it is the "testator." The common--and redundant--phrase "last will and testament" indicates that the document is the final wishes of the testator, and that its terms supersede any other wills or promises previously made by the testator. A living will is also known as an "advance directive," "health care directive" or "physician's directive."
Living Will Function
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A living will specifies which medical procedures you want--and do not want--performed to extend your life in the event you become permanently incapacitated. For example, if you wouldn't want to be kept alive indefinitely by a ventilator or a feeding tube, your living will can say so. However, a living will doesn't take effect until two conditions are met: Your condition is terminal, with no hope of recovery; and your doctors believe you will never regain consciousness.
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Regular Will Function
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A regular will outlines how you want your affairs to be settled after you die. This includes several things: describing the distribution of your assets; naming the people who will care for your minor children, if you have any; and identifying the "executor"--the person whose job it will be to make sure that the terms of the will are carried out.
Significance
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Both kinds of wills are there to protect your wishes. If you don't have a legally valid will when you die--known as dying "intestate"--issues such as asset distribution and custody of your children will be decided by the courts. Though you may have made promises to people about what they would get after you died, the courts are not bound by those promises unless you spelled them out in a will. Similarly, if you are permanently incapacitated and have no living will, decisions about your ongoing medical care will be up to your doctors or family members--whose ideas about appropriate care may be vastly different from yours.
Legalities
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Each state has its own laws regarding what makes a regular will valid. Generally though, you must attest that it was written while you were of sound mind. You must sign and date it; your signature should be witnessed by two people who are not named as beneficiaries in the will; and you may have to have the will notarized. States also have varying laws on what makes for a valid living will and when it can be invoked. In many states, for example, a living will is not valid if you are pregnant. A lawyer in your state with experience in estate planning can help you with both kinds of wills.
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