2007-03-05 06:33:42 · 5 answers · asked by elizabeth v 1 in Business & Finance ➔ Personal Finance
If you have substantial assets Neither... If you live in the US get a Trust. . this will protect you from legal fees in probate court that could take a big chunk of estate value. You want to decide who gets the money and not give it to a bunch to lawers you don't know.
2007-03-05 06:45:25 · answer #1 · answered by mrrosema 5 · 0⤊ 0⤋
I always recommend that people have (a) a Last Will and Testament, (b) a Durable Power of Attorney for Health Care, and (c) a Directive to Physicians, if they want one. The last will and testament is the traditional "will" that states how your property is to be disposed of in the event of your death. A durable power of attorney for health care allows you to appoint someone you trust to make health care decisions for you if you can't make health care decisions for yourself due to incapacitation, coma, etc. A directive to physicians (also known as a "living will") is the "pull the plug" order that states you are not to be kept alive and that treatment is to be withheld if at least two doctors determine that you will die or that you would live in a persistent vegetative state if treatment were given. The last one is really up to you, but you should know if you get a directive to physicians, that trumps a durable power of attorney, so that means life support would be withheld even if the person making health care decisions for you states he/she wants you kept alive. So think that one over very carefully before deciding.
2007-03-05 14:58:56 · answer #2 · answered by sarge927 7 · 1⤊ 0⤋
Yes. Unless you not have anything or care who gets it or how, then you just need a Living Will so you can choose to die in peace before the Hospital get everything and then let you die, because your broke.
2007-03-05 14:42:51 · answer #3 · answered by Snaglefritz 7 · 0⤊ 0⤋
Yes, because they are not the same.
A living will tells what you want done if you are no longer able to make decisions for yourself while you are still alive.
A regular will tells what you want done with your stuff and estate once you die.
2007-03-05 14:38:51 · answer #4 · answered by The Parthian 3 · 3⤊ 0⤋
yes, one deals with what to do with you (medical care while you are living) One deals with what to do with your stuff after death.
2007-03-05 14:39:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋