What’s the Difference Between a Will and a Living Will?

A will and a living will are two different things, but they’re both important parts of your estate planning. Talk to a wills attorney here in El Paso, TX to make sure your estate has everything it needs to protect you and your beneficiaries.

From an El Paso, TX Wills Attorney: What’s the Difference Between a Will and a Living Will?

A will is something that you write to guide your loved ones and the courts in distributing your assets after you pass away. A living will is a document that you create explaining what type of end-of-life treatment care you want: or do not want. A will controls all of your assets; a living will only speaks to medical intervention when you come to the end of life, if you are unable to make choices for yourself.

Having a living will in place means that your loved ones know exactly what you want to happen towards the end of your life. Not only does this document protect your interests personally, but it also protects your loved ones. It can be so difficult to have to make decisions about end-of-life care for a loved one, but with a living will in place, you’ve already made those decisions for yourself.

There are quite a few similar documents to a living will that might be included in your full estate plan. Here are some of the other types and how they differ from a living will:

Advanced Directive

A living will is actually a type of advanced directive, and they do accomplish similar things. The main difference is that a living will is usually restricted to just end-of-life care decisions. An advanced directive can be used to specify your wishes should you become incapacitated and unable to make any healthcare decisions at any time.

Living Trust 

A living trust is a way to manage assets. You set up a trust, move whatever assets you want into it, then name yourself the trustee and continue to control these assets while you’re alive. Upon your death, a successor trustee will take over and distribute the assets to your beneficiaries. 

Healthcare Proxy

A healthcare proxy document lets you appoint a particular person to make medical decisions on your behalf. With a living will, you decide in advance what treatments you want or do not want. A healthcare proxy simply gives over this decision-making to a trusted person. It’s possible to have both a living will and a healthcare proxy, and this is usually a good idea. Even if you have a comprehensive living will, a situation might still arise that the living will does not exactly cover. If that happens and you’re incapacitated, your healthcare proxy can make the final decision.

For more on the differences between the various documents that you’ll need for a comprehensive estate plan, and for advice on the best estate plan for you, contact Townsend Allala Coulter & Kludt in El Paso, TX. We also serve clients in Truth or Consequences, NM.

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