When looked at from a comprehensive perspective estate planning involves financial and medical matters, but there is also a philosophical component to consider. Through the execution of these three different types of wills you can efficiently cover the gamut and let the full spectrum of your wishes be known to your loved ones.
When you think about estate planning the first thing that comes to mind is the will, or what was traditionally known as the “last will and testament.” This is the foundational document within which you elucidate your wishes concerning the distribution of your real and personal property after you pass away.
You hear a lot about advance health care directives these days, and one of them that is commonly included in modern day estate plans is the living will. People are living longer than ever, and medical science is making advances each and every day. So, the technology exists to keep individuals alive through the use of artificial means when they have no hope of recovery. This is a controversial matter, and how you feel about it is a personal matter. With that in mind, you can state your wishes regarding this and any other health care eventuality that you care to address via the execution of a living will.
The ethical will is a bit more esoteric than the standard will and the living will, but it is important all the same. When you pass away you are leaving behind assets, but how did you acquire them, what were your business ethics, and how would you like to see your heirs approach the inheritances that you have left to them? You can address all of these matters by drawing up an ethical will, which is a document that has been used for thousands of years to pass along spiritual and ethical values from one generation to the next.