Many people assume a living will and a last will are the same thing, or at least similar documents. The truth is, they serve completely different purposes in your estate plan. A last will and testament outlines how you want your assets distributed after you pass away, while a living will focuses entirely on your medical care preferences while you’re still alive.
What Does A Last Will And Testament Do?
A last will and testament is probably what comes to mind when most people think about estate planning. This document outlines how you want your assets distributed after you pass away. It names an executor who will handle your estate, identifies your beneficiaries, and specifies who gets what. Your last will becomes active only after your death. It goes through probate court, where a judge validates the document and oversees the distribution of your property according to your wishes. If you have minor children, your will also names guardians who will care for them if something happens to you.
What Does A Living Will Do?
A living will has nothing to do with distributing your property. Instead, it tells doctors and family members what kind of medical treatment you want, or don’t want, if you become unable to communicate your wishes. The Timnath living will lawyer at our firm helps clients outline their preferences for life-sustaining treatments. Common decisions addressed in a living will include:
- Whether you want to be placed on a ventilator
- Preferences regarding feeding tubes
- Do-not-resuscitate (DNR) orders
- Pain management and comfort care wishes
- Organ donation decisions
A living will becomes active when you’re incapacitated and unable to make medical decisions for yourself. It only applies during your lifetime, and it becomes void once you pass away.
Why Do People Confuse These Two Documents?
The word “will” appears in both documents, which creates confusion. The “living” part of a living will refers to the fact that it applies while you’re still living. A last will, on the other hand, only takes effect after you die. Think of it this way. A living will speaks for you when you can’t speak for yourself about medical treatment. A last will speaks for you after you’re gone about property distribution.
Do I Need Both A Living Will And A Last Will?
Most comprehensive estate plans include both a living will and a last will. They address completely different aspects of planning for the future. At W.B. Moore Law, we often recommend clients create both documents to cover all their bases. Your living will protects you and your family from difficult medical decisions during a health crisis. Your last will protects your assets and makes sure your property goes to the people you choose.
What Other Documents Should I Consider For My Estate Plan?
While a living will covers medical treatment preferences, you might also want a medical power of attorney. This document names someone to make healthcare decisions on your behalf if you can’t make them yourself. The two documents work together, with your living will providing guidance and your medical power of attorney naming the person who can make decisions. Similarly, a financial power of attorney names someone to handle your financial affairs if you become incapacitated. These four documents together create a solid foundation for protecting yourself and your family.
What Are The Requirements For Creating These Documents In Colorado?
Colorado law recognizes both living wills and last wills, but each has specific requirements. A Timnath living will lawyer can make sure your documents meet state law requirements and accurately reflect your wishes. For a living will in Colorado, you need to be at least 18 years old and of sound mind. The document must be signed in front of witnesses or a notary public. Your last will has similar requirements, though the witnessing process is slightly different. Creating these documents without legal guidance can lead to mistakes that invalidate them or create confusion when they’re needed most. Working with an attorney helps you avoid common pitfalls and creates documents that will stand up when it matters.
How Do I Get Started With My Estate Planning Documents?
Understanding the difference between a living will and a last will is just the beginning. These documents form part of a complete estate plan that protects you during your life and your loved ones after you’re gone. If you haven’t created either document yet, or if your existing documents need updating, now is the time to take action. Contact our office to discuss how we can help you build an estate plan that addresses both your medical care preferences and your legacy.