A lot of individuals hear the term “estate planning” and right away think about the document called a will, or last will and testament.
These are vehicles of transfer that are used to leave behind your dreams with regard to the circulation of your assets.
Traditionally individuals utilized a last will and testament because the will was strictly worried with real estate while the transfer of personal property was done by means of the testimony. These days most people merely utilize the term “will” to explain the document that covers the transfer of both forms of property.
There are those who hear the term “living will” and assume it is some variation of the requirement will that is used to transfer property. This is not the case. People do use living trusts to transfer property but living wills are totally different.
A living will is an advance healthcare regulation that is used to make your desires understood with regard to the types of healthcare treatments you would be willing to accept and those that you would choose to reject in case of your incapacitation. The case of Terri Schiavo that was extremely advertised in the early 2000s highlights why living wills are so important.
Ms. Schiavo was kept alive via making use of feeding tubes for 8 years, and her hubby finally decided that she would have preferred that they be removed. Her parents disagreed and a court fight took place. If she would have had a living will in place her dreams would have been understood and brought out without question and her loved ones would have been conserved a great deal of heartache.
A living will or some other form of advance healthcare regulation such as a resilient medical power of attorney is advised for grownups of all ages. Whether a requirement will is the very best car of transfer for you depends on the nature of your assets and the specifics of your wishes. To acquire a more complete understanding of the options that are offered to you the wise course of action is to schedule a consultation with an experienced estate planning lawyer.