Wills
These documents are still the foundation of most estate plans. Wills govern how your estate is distributed. If you pass away without a will, your property will be distributed according to the state’s intestacy law rather than by your wishes.
Wills can include the appointment of legal guardians for minor children. If a guardian is not named in a will, a court may appoint someone. Your will also allows you to appoint a personal representative (known as an “executor”) to administer your estate. In the absence of an executor, the probate court appoints an administrator. If you have no relatives or they can’t be located, your estate will ultimately go to the government.
Living Wills
This document enables you to provide treatment instructions regarding the types of medical treatment and care he or she wants to receive or refuse at the end of life. A living will is effective upon communication to physician. It does not become ineffective solely due to the passage of time. Unless a living will states a time of termination, it is valid until revoked by the principal. It can be revoked at any time in any manner without regard to declarant’s mental or physical condition.