Living Will vs. Will in Tampa

If you live in Florida, you might have heard of two estate planning tools with similar names: Living wills and Wills. While these may seem like interchangeable concepts, they are very different. When determining how to approach estate planning in Tampa, you might want to consider both living wills and Wills. However, it is important to understand how they work before moving forward – and this is something that a Tampa estate planning lawyer can help with.

Living Wills Involve Medical Decisions 

A “living will” is a type of estate planning document that details your medical decisions ahead of time. In many other jurisdictions, this document is called an “advanced directive.” Both terms are acceptable in Florida.

People of all ages create living wills to protect their medical autonomy. In Florida, you have the right to refuse or accept any treatment you want. However, doctors may make decisions without your consent if you ever become incapacitated. The logic here is that someone who is mentally or physically incapacitated has no ability to make these medical decisions – and doctors need to take matters into their own hands as a result.

You can detail various decisions in your living will. A common feature of these documents involves the removal from life support. You can write down whether you want to be removed from life-sustaining treatment after becoming comatose or developing dementia, for example. However, you can also make decisions about virtually any other medical choice ahead of time in your living will.

 Last Wills and Testaments Involve Assets 

In contrast, a Last Will and Testament generally involves the assets in your family estate. When you create a Will, you decide which of your beneficiaries should inherit various assets. Alternatively, your Will could facilitate the transfer of assets into a trust when you pass away. Your Will does not have anything to do with medical decisions.

 Living Wills Go into Effect While You’re Alive 

Aside from the focus on medical issues vs. assets, living will are different because they go into effect while you are still alive. In contrast, a Will only goes into effect after you pass away.

Living wills are not to be confused with living trusts, which also go into effect when the grantor is still alive. These trusts provide the grantor with access to funds and some level of control while they are alive.

Many people in Florida create living wills, Last Wills and Testaments, and various trusts. When used in combination, these estate planning documents can provide considerable control over both financial and medical matters.

Can an Estate Planning Lawyer in Seminole Help Me? 

An estate planning lawyer in New Port Richey may be able to help if you’re struggling to understand the difference between living wills, Wills, and other estate planning strategies. A quick consultation with one of these legal professionals can help you determine the most appropriate way to protect both your wealth and your medical autonomy. To learn more, consider scheduling a consultation with Knudsen Law today.

Sources: 

healthfinder.fl.gov/

floridabar.org/public/consumer/consumer003/