When you consider what a Will is intended to accomplish in an estate planning context, you are probably going to immediately think about the transfer of assets to your loved ones after you pass away. This is indeed what a Last Will and Testament can achieve, but there are other types of wills used in estate planning as well.
One of these is called a Living Will. This type of will has nothing to do with the transfer of assets. With a Living Will, you express your wishes regarding certain medical treatments.
People sometimes become incapacitated and unable to communicate their decisions in real-time. These decisions could include the use of artificial life support systems. You can make sure that your own preferences are known and honored by executing this important document.
Another type of Will that a lot of people are unaware of is the Ethical Will. These documents are not legally binding in any way. Ethical Wills are utilized to leave behind some final words of wisdom to your loved ones.
Traditionally, such a will would include the sharing of your own ethical “rules to live by” as it were. This can be very valuable at a time when people that you love are going to be devoid of your wisdom simultaneous to receiving a sudden influx of financial resources.
If you would like to create an estate plan that includes a Living Will or Ethical Will, simply take a moment to arrange for a consultation with a licensed and experienced Santa Clara County estate planning attorney.