Living wills and traditional wills: What’s the difference?

When planning for the future, it’s important to understand the difference between living wills and traditional wills. Both serve specific purposes but deal with different aspects of your life and estate.

While a living will focuses on healthcare decisions, a traditional will outlines how your assets will be distributed after you pass away.

Understanding these two types of wills can help you ensure your wishes are carried out both during your life and after.

In this article, we’ll explain the key differences between living wills and traditional wills, how they work, and when you might need both.

What is a living will?

A living will—also known as an advance directive—outlines your healthcare preferences in case you become incapacitated or unable to communicate your wishes.

It guides your medical team and loved ones in making decisions about your treatment if you’re seriously ill or injured. For example, if outlines whether or not to use life-sustaining treatments like resuscitation or mechanical ventilation.

You’ve probably heard the term ‘DNR’ in medical dramas like Grey’s Anatomy or House – it’s an acronym for ‘Do Not Resuscitate”, and can be added as an instruction to your living will.

Unlike a traditional will, an advance directive only comes into play while you are still alive and only in situations where you cannot make decisions for yourself.

Key features of a living will:

• Medical preferences: A living will allows you to specify what kind of medical treatment you do or do not want.
• End-of-life care: It outlines your wishes regarding life support, resuscitation, and other life-prolonging treatments.
• Legal protection: It provides clarity to healthcare providers and family members, ensuring they respect your healthcare decisions.

While living wills are important for managing healthcare decisions, they don’t cover what happens to your estate after you pass away. This is where a traditional will comes in.

What is a traditional will?

A traditional will, or last will and testament, is a legal document that explains how you want your assets distributed after your death. It can also be used to name a guardian for your family, ensuring they are cared for by someone you trust. Additionally, a traditional will appoints an executor, who is responsible for managing your estate during the probate process.

Without a traditional will, your estate will be distributed according to intestacy laws, which may not align with your personal wishes. For this reason, it’s highly recommended that everyone should have a will in place, even if you don’t think you have many assets.

Key features of a traditional will:

• Asset distribution: A traditional will explains how your property, money, and belongings will be distributed to your heirs.
• Guardianship: It allows you to appoint a guardian for your children if they are minors.
• Executor appointment: The will names an executor who will manage the estate and ensure that all legal and financial matters are handled correctly.
• Final wishes: You can include instructions for funeral arrangements or other final requests.

The differences between living wills and traditional wills

While both living wills and traditional wills serve to document your wishes, they address very different aspects of your life. The main differences lie in when and how each will is used.

• When they apply: A living will takes effect while you are alive but incapacitated, while a traditional will only comes into effect after your death.
• Purpose: A living will deals with healthcare decisions, while a traditional will focuses on asset distribution and guardianship of minors.
• Who they affect: A living will guides doctors and healthcare providers, whereas a traditional will is for family members, heirs, and legal representatives.

Do you need both a living will and a traditional will?

Many people benefit from having both a living will and a traditional will.

A living will ensures that your healthcare preferences are respected if you are unable to communicate, while a traditional will guarantees that your estate is managed according to your wishes after you pass away. Together, these documents provide comprehensive protection for both your medical and financial decisions.

If you have specific medical preferences, drafting a living will can bring peace of mind. Similarly, having a traditional will ensures that your estate and loved ones are cared for, preventing common mistakes in wills that can lead to legal complications or family disputes.

Updating your wills

It’s essential to regularly update your will—whether it’s a living will or traditional will—especially after major life events like marriage, the birth of a child, or the acquisition of new assets.

Keeping your will up to date ensures that your most recent wishes are documented and legally enforceable. Neglecting to update these documents could lead to confusion or the implementation of outdated instructions.

If your situation changes, make sure to consult a solicitor or legal expert to review and amend your wills accordingly.

The role of a will in the probate process

After you pass away, your traditional will goes through the probate process. This is a legal procedure that confirms your will is valid and that your executor can distribute your assets according to your instructions. The probate process can be time-consuming, but a well-prepared will can help streamline it and prevent unnecessary delays.

If there are mistakes in your will or if the will is unclear, it can complicate the probate process and lead to disputes among beneficiaries. Ensuring that your traditional will is clearly written and regularly updated is important to avoiding these problems.

Final thoughts

Both living wills and traditional wills play vital roles in managing your future medical care and estate planning. A living will ensures your healthcare decisions are respected when you can’t communicate, while a traditional will secures your estate and provides for your loved ones after you pass away. Having both types of wills in place provides you with peace of mind, knowing that your wishes will be carried out properly.

If you haven’t already, it’s time to consider creating both documents. A living will safeguards your healthcare preferences, and a traditional will protects your estate and loved ones from complications, including those that can arise under intestacy rules.