Legacy is more than passing on assets to the next generation but intangibles, like values, beliefs, and knowledge.
Legacy planning is not the same as estate planning. It is not only about distributing assets but also about passing on the values and beliefs to the next generation after you are gone. Like the legacy of billionaire industrialist Ratan Naval Tata, it's not only about his business empire but also the compassion and philanthropy he expounded.
While many people know about the Last Will, they wait for old age to write it, leaving their family distraught and sometimes in a rift among themselves. However, there could be another situation when family members may find themselves in a dilemma -- when a family member grapples with serious medical conditions and is alive but cannot make decisions for themself. Usually, it happens when a family member is alive on life support. Family members have to decide for the person, which is the hardest part and, at times, regretful.
In legal language, the Last Will and Testament is a declaration by a person about how the assets and liabilities will be bequeathed after the person is no longer alive. To write a valid Will, one needs to declare an executor of the Will, and the document should be signed by two witnesses and by the person (Testator). Note that the Last Will can be executed only after the testator's death.
A Living Will is also a legal document, but it is executed during the lifetime of the person who writes it (the Executor). The idea of a living will is new in India and was first recognised in a historic Supreme Court decision in 2018. The apex court recognised the 'right to die' as a fundamental right and allowed it through Living Will with other conditions.
The purpose of a Living Will is to specify what kind of treatment one would want or not want to stay alive when one is not in a condition to tell medical preferences such as being on artificial ventilation support, feeding tubes, etc.
So, the Living Will works as the person's instruction for treatment or end-of-life care, saving family and loved ones from the agony they may face without a Living Will.
The Last Will and the Living Will are different in terms of the purpose for which these are created. The Last Will comes into use only after the testator's death, whereas the Living Will is used when one is still alive. The Last Will is a legal document specifying the distribution of belongings, assets, and property after the testator's death. The purpose of a Living Will is to ensure a person's preference for medical care when the person is on life support and unable to communicate. One who writes a Last Will is called the Testator, whereas, the one who writes a Living Will is called Executor.
A Living Will holds significant importance when one is terminally ill and the condition is deteriorating. It can save family members from the mental agony of making difficult decisions. However, one should note that a Living Will is used for medical decisions. The instructions should be self-explanatory, leaving no scope for ambiguity. One may seek help from legal experts before drafting a Will so that all possible scenarios that could arise in the future, be they financial, emotional, or medical, can be considered.
In short, a Will is a legal document that one can write while alive and in sound mind for the execution of one's wishes in the future. It is a document to pass on the legacy to family members, friends, and everybody known when one is no more. The values, the choice for a dignified life to the last moment, beliefs, and a planned bequeathal of things accumulated are nothing but the legacy one can leave for the mortals.