Multiple estate planning strategies and documents can be used to outline your wishes and to protect your interests. One common question asked of Virginia Beach area estate planning attorneys is, what is the difference between a living will and a will?
A living will is a form of an advanced medical directive that does not pass on assets to future generations, but instead outlines your wishes and desires for healthcare in the future.
What is a Living Will, and What Role Does it Serve?
The purpose of a living will is to document your desires and wishes if you ever become unable to express them. This broad document can cover things such as medications, procedures and medical treatments you do or do not want to receive, and you can also use it to name an agent to carry out those wishes related to your health care.
What is a Will, and What Role Does it Serve?
A will, however, is your last will and testament in which you name things such as a guardian for your minor children, an executor who you want to oversee the distribution of your estate and your wishes about how your assets are passed on to your loved ones.
These are two different documents, but they can work together in your Virginia estate to clearly explain your primary wishes and to decrease the possibility of confusion or probate disputes in the future. If you need more help determining the right course of action with your plan, it’s best to retain outside help. Work with a Virginia Beach area estate planning lawyer to establish your plan today.