Most people know what a will is. But, do they know the difference between a living will and a last will? These two legal entities are important aspects of an estate plan. Your lawyer in Tampa can explain how they are vital, yet two distinct parts that serve different functions. It’s important to understand how one benefits you while you are alive and how the other functions for your beneficiaries. Speak with your lawyer in Tampa about drafting up these two different types of wills and what the best course of action is. Your lawyer in Tampa can advise you on your options and recommend what to do in certain situations. See below on the differences between the two:
Creating a Living Will versus a Last Will and Testament
Creating a last will usually requires writing down your wishes. This document must then be signed by usually two witnesses. You can create one on your own, but it’s best if you leave it to the estate planning professionals. A living will on the other hand must be in writing and signed. It typically must have a witness and be notarized. In general, the process for creating a will is pretty standard and easy. But what they entail, how they can be updated, and when they go into effect differs.
Updating a Living Will versus a Last Will and Testament
Whatever the rule or requirement was when you first created the will, needs to be replicated any time there in an update. Anytime you want to make a change or an amendment, you have to sign again and have it witnessed. However, when it comes to updating a living will, it may just be easier to create an entirely new living will. Confirm with your lawyer, but you can also tell your personal physician your medical wishes in the event of incapacitation. They can actually overrule your living will.
When a Living will versus a Last Will and Testament Is Executed
Living wills only apply while you are alive, hence the name living will. They usually pertain to events where you are incapacitated and need someone to act on your behalf. People tend to forget that will’s don’t have to only mean asset distribution. Younger couples should think about the benefits of a living will in the event of any medical issues. A last will and testament will go into effect once you pass away. The assets will be distributed according to your stated wishes in the will. These legal documents are yours to create, change, and update however you like. However, you must be of sound mind in order to make these changes. Additionally, you can update your will at any time. These are your private affairs that can be kept close to the chest.