What is the difference between a will and a living will?
The primary difference between a will and a living will is the function they serve. A will is a document that outlines who will receive your assets after you pass away. It is the legal instrument that ensures your wishes are followed. It is usually made by someone 18 or older in New Mexico and must be witnessed and notarized before it can be considered valid. A living will, on the other hand, is a document that instructs your family and medical professionals on the kind of medical care you would want if you are incapacitated and unable to communicate your wishes. This includes decisions such as whether to be kept on life support or not. In New Mexico, a living will must also be signed and witnessed. Both wills and living wills can be changed or revoked at any time. It is important to keep both documents updated, as they set out what you wish to happen with your assets after you pass away. In addition, it is always a good idea to have a lawyer draw up the documents for you, as they can make sure that the documents are valid and understood.
Related FAQs
What is a living trust?What is an inheritance trust?
How can I avoid probate on my estate?
How do I make sure my will is executed properly?
How do I change or revoke a living will?
What are the legal requirements for making a will in my state?
What should I consider when writing a will?
Can a will be challenged if it was executed under duress?
How can I modify or revoke a will?
How can I protect my assets from taxes?
Related Blog Posts
Understanding Wills and Probate Law: The Basics - July 31, 2023The Benefits of Establishing a Will: An Overview - August 7, 2023
Creating a Trust to Maximize Estate Planning Benefits - August 14, 2023
How Executors Handle Probate: A Step-by-Step Guide - August 21, 2023
The Difference between Wills and Living Trusts - August 28, 2023