What’s the Difference Between a Living Will and a Regular Will in Virginia?
Ambiguous terms can be confusing, and many folks can’t tell you the difference between a living will and a standard will. To boot, there are also living trusts, which can add to the confusion. In this article, the Law Office of Angela N. Manz will discuss the difference between a living will and a regular will while unpacking some key concepts at the same time.
What is a will?
Most folks have some concept of what a will is. For estate planning attorneys, it is the cornerstone of your estate plan. A “last will and testament” (another name for a will) is a legally binding document that takes effect once you die. The will distributes your property and other assets according to your specific wishes.
Your will can:
- Specify which assets will go to which heirs
- Designate a personal representative (or executor) to handle the probate process and asset distributions according to the terms laid out in the will
- Name guardians to care for your minor children
- Support charitable causes by directing some amount of your assets to organizations you care about.
What is a living trust?
Most estate planning attorneys will recommend that you set up a living trust. A trust is like a container for assets. What happens if you forgot to include some of your assets in your estate plan? In that case, your estate plan can include a pour-over will. This type of will transfers any assets you forgot about into the living trust.
What is a living will?
Regular wills take effect after you pass. A living will handles situations that may arise while you’re still alive but can’t make decisions on your own behalf because you are incapacitated. It will detail your preferences regarding medical care, such as whether you wish to receive life support or other life-sustaining treatments in certain scenarios.
In other words, living wills involve planning for medical emergencies. However, you can also use advanced medical directives to accomplish the same thing.
Advance medical directives and healthcare power of attorney
An advanced medical directive is similar to a living will insofar as it handles situations that can arise when you are medically incapacitated. This legal document allows you to designate a trusted individual to make medical decisions on your behalf when you are not able. This individual is known as a healthcare proxy or healthcare agent. They can handle decisions ranging from minor medical procedures to life-saving measures, depending on what sort of authority you grant to them.
Talk to a Virginia Beach Estate Planning Attorney Today
The Virginia Beach estate planning lawyers at The Law Office of Angela N. Manz represent the interests of individuals who want to draft a comprehensive estate plan. We can help you set up your will, create trusts, and establish your healthcare power of attorney. Call today to learn more.
