There are some terms used in the field of estate planning that have overlapping elements. This can be confusing to someone who has no legal background, and this is one of the reasons why legal counsel is invaluable when you’re planning your estate.
With this in mind, a lot of people can use some clarity about the standard simple will versus a living will. Let’s look at the differences so you can go forward with accurate information.
Advance Health Care Directive
A living will is an advance health care directive. With this document, you assert your preferences regarding the utilization of life support.
When you have this device in place, you can be sure that your choices will be honored if this type of situation arises. Plus, your loved ones will not be forced to make this very difficult choice without your input. Moreover, there will be no cause for disagreements among family members.
Health Care Proxy
Your incapacity plan should also include a health care proxy or durable power of attorney for health care. This directive is used to empower someone to make medical decisions on your behalf if necessary.
These would be decisions that aren’t related to the life support scenarios that you addressed in the living will. In order for your representative to access your medical information, your plan should also include a HIPAA release form.
Standard Simple Will
You can use a simple will to direct the transfer of your estate after your passing. When you are creating the document, you name an executor to act as the estate administrator.
After your passing, the executor will admit the will to probate. Subsequently, the court will provide supervision during the administration process. Your will can also be utilized to name a guardian for minor children.
Living Trust
While we’re on the subject of overlapping terms, we should take a look at the living trust. Unlike a living will, this document is used to facilitate monetary asset transfers. Here’s how it works.
If you create a living trust, you will be the trustee while you are living. This means that you maintain total control of the assets that you transferred to the trust. You can change the terms, and you can even revoke the trust entirely if you choose to do so.
After your passing, the successor trustee that you named in the document will distribute assets to the beneficiaries according to your wishes.
Multiple Benefits
One of the benefits of a living trust is that the probate court is not involved at all. Probate is time-consuming, taking about nine months at a minimum, and there are expenses involved.
Plus, it is a public proceeding, so interested parties can access the records to find out how you planned your estate.
A living trust is also useful for incapacity planning purposes. The successor trustee or an alternate disability trustee can be empowered to manage the trust in the event of your incapacity.
We will provide a more detailed explanation of all the benefits in an upcoming post, so stay tuned.
We Are Here to Help!
There is no reason to take chances when the stakes are so high. When you work with our firm, you will come away with a comprehensive plan that is custom-crafted to suit your specific needs.
We have a Glastonbury, CT estate planning office, and another location in Westport, and you can call us at 860-548-1000 to set up a consultation at either office.
If you would rather send us a message, fill out our contact form, and we will be back in touch with you as soon as possible. We also invite you to join us at a Complimentary Seminar so you can see just how important it is to have a plan in place.
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