Can a Living Will Protect My Assets?
A living will is a very specific kind of legal document that serves a narrow purpose. Your living will only comes into play if you are not able to tell your doctors or health care providers about your treatment wishes. They are not used to control what happens to your property after you die or to determine who oversees your finances if you are sick. Living will laws differ between states, so talk to a lawyer if you need legal advice about these documents.
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Living Wills
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A living will lets you determine the kinds of medical treatments you desire in end-of-life scenarios. You can only make a living will before you become so ill that you lose your ability to make choices. Also, you can revoke the terms of your living will as long as you are able to express your desires. Living wills must be made in writing and signed by the creator. Some states also make additional requirements for these documents, such as requiring the signature of witnesses or notarization.
Living Will Rights
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Your right to create a living will depends on the laws of your state. Some states allow for living wills in addition to other medical care directives, such as health care proxies or durable powers of attorney for health care. As long as you are an adult of sound mind, you have the right to make whatever health care provisions you wish as part of your living will.
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Last Will and Testament
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A last will and testament is also a specific kind of legal document, but it is very different from a living will. A will only applies once you die and is the only document through which you can dictate how you want your property distributed. Wills must usually be made in writing, signed by you and signed by two witnesses, but some states allow for oral wills and handwritten wills that do not require witnesses.
Trusts
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In addition to wills and living wills, a trust is another specific kind of legal creation many people use in estate planning situations. A trust is a legal entity that you can create to protect your assets. By creating a trust and transferring ownership of property from yourself to the new trust, your property is not subjected to the probate rules of your state when you die. Trusts are also governed by state law and come in many different forms.
Power of Attorney
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You can also use powers of attorney to ensure your desires are met when you become ill or incapacitated. A power of attorney is another kind of legal document through which you give another person the right to make decisions for you. These can be health care decisions, financial decisions or anything else you specify. These documents must also comply with the laws of each individual state.
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