The Difference Between a Will and a Living Will
Although the names are almost the same, there is quite a difference between a Will and a Living Will.
Basically, a Will is the written expression of your wishes for the disposition of your assets following your death. It ensures that the assets you have are distributed to the people you want to have them after you die. If you die without a Will, the court will make those decisions for you.
A Will usually contains the following elements:
• List of beneficiaries
• List of alternate beneficiaries, in case a primary beneficiary predeceases you
• Named executor of your estate as well as an alternate in case the primary executor is unable or unwilling to act
• Named guardian of any minor children, as well as an alternate
• Bequest assignments to beneficiaries
• Instructions on when and/or how minor children can inherit
• Requests for burial or cremation
A Living Will is separate from your Will and provides health care directives in case you have a terminal condition where your death is imminent or you are unable to make your wishes known. Your Living Will lets family and medical professionals know if you do not wish to have treatment that artificially prolongs your life (or if you do), and should be made a part of your medical record.
Both a Will and a Living Will should be part of your comprehensive estate plan; a Florida estate planning attorney can help you in drafting these important documents.
