This article was written and edited by the team at Anoop & Co. – AOR Anoop Prakash Awasthi, Adv. Parthvi Ahuja and Atluri Sri Vidya.
Introduction:
Planning for the future is an essential part of life, and estate planning is an important aspect of that planning. Creating a will is one of the most critical steps in estate planning, as it allows individuals to control how their assets are distributed after their death. However, there are different types of wills, and it is important to understand the differences between them. In this blog, we will explore the differences between two types of wills: the living will and the regular will. A regular will, also known as a last will and testament, provides instructions for the distribution of property and assets after an individual’s death. A living will, on the other hand, provides instructions for healthcare decisions in the event that the individual is unable to make them. Although both serve important purposes, they are not interchangeable, and it is crucial to understand why both are necessary for comprehensive estate planning. Through this blog, we will analyse the differences between these two types of wills, discuss their importance, and explain why having both a regular will and a living will is crucial for proper estate planning.
Analysis:
What is a Regular Will?
A regular will, also known as a last will and testament, is a legal document that outlines how an individual’s property and assets should be distributed after their death. It can also name an executor to oversee the distribution of the assets and designate guardians for any minor children. The will can be updated or changed at any time during the person’s life, as long as they are mentally competent to do so. A regular will is only effective after the person’s death, and the executor must go through the probate process to distribute the assets to the designated beneficiaries.
What is a Living Will?
A living will, on the other hand, is a legal document that provides instructions for medical treatment in the event that the individual becomes unable to make their own healthcare decisions. It may also be known as an advance directive or healthcare directive. A living will typically outline the individual’s preferences for end-of-life care, such as whether they would like life-sustaining treatment to be withheld or withdrawn in certain situations. It can also designate a healthcare proxy or agent to make decisions on the person’s behalf if they are unable to do so.
While a regular will and a living will be both legal documents that address different aspects of an individual’s life, it is important to note that they are not interchangeable. A regular will does not address healthcare decisions, and a living will does not address the distribution of property and assets after death.
Why is it important to have a Regular Will?
Having a regular will is important because it allows individuals to control how their property and assets will be distributed after their death. Without a will, state law will determine how assets are distributed, which may not align with the individual’s wishes. A regular will also allow the individual to name an executor to oversee the distribution of assets, which can help ensure that the process is carried out according to their wishes.
Why is it important to have a Living Will?
Having a living will is important because it allows individuals to make their healthcare wishes known in the event that they are unable to make decisions for themselves. It can also help reduce the burden on family members who may otherwise have to make difficult decisions about the individual’s care without clear guidance. Additionally, a living will can help ensure that the individual’s wishes are respected and carried out, even if they are unable to communicate them directly.
Conclusion:
Moreover, both the living and regular wills are important legal documents that serve different purposes, they are not interchangeable. A regular will provides instructions for the distribution of property and assets after death, while a living will provide instructions for healthcare decisions in the event that the individual is unable to make them. Having both a regular will and a living will can help ensure that an individual’s wishes are respected and carried out in both life and death.
