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State planning attorney Paul Rabalai discusses the difference between a living will and a last will in estate planning. He emphasizes that estate planning is a broader term that involves assessing what is important to you and developing a strategy to protect yourself and your loved ones. A last will determines how your assets are distributed after your death, while a living will outlines your medical preferences in case you are unable to communicate. Rabalai corrects the misconception that a living will can be used to distribute assets, highlighting the importance of understanding the differences between the two documents in estate planning.
