Living Will Versus a Last Will
If you are young or in middle age, making a will can seem irrelevant. But getting your affairs in order is a smart move no matter your situation. When you are preparing paperwork to express your wishes, you should understand the various documents that are commonly used so that you complete the process correctly.
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Last Will and Testament
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This is usually the central document that people complete when expressing their wishes for their affairs at the end of life. It can encompass almost any situation you wish to make for the disposal of your affairs, but it's most commonly used to apportion your assets and material property. It can also make arrangements for the care of any minor children and should appoint an executor to carry out your wishes as stated in your will.
Living Will
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In contrast, a living will deals only with your wishes in regard to medical treatment at the end of your life. Other names for a living will are an advanced directive or a health care directive. It's a way of informing both your family and your doctors exactly what kind of treatment you want if you are in a life-threatening situation, or have a terminal illness. You can specify how much intervention you want if you are incapacitated and unable to express your wishes. For instance, some people specify that they do not want to be resuscitated if there is no hope for their ultimate recovery.
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One or Both
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Because they deal with different issues, it is advisable to complete both a last will and testament, and a living will. This makes your decisions on both the disposal of your property and your own end-of-life health care completely transparent and explicit to both your relatives and any attorneys or physicians who are advising them.
Preparation
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You can find forms online to create both of these documents, but consider having them both prepared by an attorney who is familiar with your state's laws. She will be able to advise you of the best way to proceed to have your specific wishes carried out, and can help you considerably if you have a large or complex estate. An attorney will also ensure that the paperwork is properly completed so that there can be no legal challenge to your will or living will. Also consult your doctor before preparing your living will, and seek information from him on end-of-life treatments so that you are familiar with all your options.
Choosing an Executor and Health Care Agent
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One of the most important decisions you make when drawing up documents for your end-of-life wishes is choosing the person who will ensure they're carried out. Many people choose their spouse as executor for their wills, or health care agent for their living wills. But don't feel bound to choose a family member. This person may have to make vital decisions at a very emotional time, so a trusted friend can also be a good resource. It is also not necessary to choose the same person to carry out both functions. If you feel one person has your best interests at heart, but has no financial expertise, you may wish to name them as health care agent but choose someone else as executor.
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