Key Differences Between a Living Will and a Last Will in Wisconsin

Understanding the differences between a living will and a last will is crucial for effective estate planning in Wisconsin. Each serves a unique purpose and addresses different aspects of a person's wishes regarding their health care and estate distribution. Below are the key differences between a living will and a last will.

Purpose

A living will, also known as an advance directive, primarily deals with medical decisions. It outlines an individual's preferences for end-of-life medical treatment and specifies the types of life-sustaining measures they want or do not want in case they become incapacitated. In contrast, a last will (or last will and testament) is a legal document that dictates how a person's assets should be distributed after their death. It encompasses bequests, appoints guardians for minors, and designates an executor to manage the estate.

Timing of Use

The living will comes into play during an individual's lifetime, particularly when they are unable to communicate their medical preferences due to severe illness or injury. Conversely, a last will takes effect only after the individual has passed away, outlining the distribution of their assets to beneficiaries.

Legal Requirements

In Wisconsin, both a living will and a last will must meet specific legal criteria to be valid. For a living will, it should be signed in the presence of two witnesses or notarized. A last will must also be signed by the testator (the person making the will) and must be witnessed by two individuals who are over 18 and not beneficiaries of the will. Failing to follow these requirements can lead to disputes or invalidation of the documents.

Modifications

Both documents can be modified or revoked by the individual who created them as long as they remain competent. However, changes to a living will often require new witnessing or notarization, while alterations to a last will necessitate the execution of a new will or a codicil (an amendment to the existing will) to be legally binding.

Emotional Considerations

The emotional weight of these documents is significant. A living will can bring peace of mind by ensuring that an individual's health care preferences are respected, alleviating the burden on family members during tough times. A last will, on the other hand, reflects one's legacy and wishes regarding asset distribution, which can prevent family disputes and ensure that loved ones are provided for after death.

Overall Impact

In summary, both a living will and a last will are essential tools in Wisconsin estate planning, but they serve fundamentally different purposes. A living will focuses on health care decisions made during one's lifetime, while a last will governs asset distribution after death. Understanding these key differences will help individuals make informed decisions that align with their values and wishes.

For those in Wisconsin, consulting with an estate planning attorney can provide clarity and ensure that both documents are tailored to individual needs and comply with state laws.