In the realm of estate planning and wills, you encounter various options for legal documents. The most prevalent among them is the “last will and testament,” commonly known as a “will.” However, there’s another term you might come across— a “living will.” This prompts questions about its purpose and whether having a Living Will is necessary in addition to a conventional Last Will and Testament.
While both are crucial legal documents in estate planning, their roles and functions differ significantly. In this article, we will delve into key aspects of living wills, shedding light on why possessing one is vital for every adult’s estate plan. Surprisingly, a Living Will might even hold more significance than a Last Will and Testament.
What Is A Living Will?
A Living Will, also referred to as an Advance Healthcare Directive, is a legal document that communicates your preferences for medical care when you are incapacitated and incapable of making decisions, especially towards the end of life. Essentially, it outlines the procedures, medications, and treatments you would like or not like to prolong your life when you cannot voice these decisions.
For instance, a Living Will allows you to specify critical choices such as when and if life support should be withdrawn or if hydration and nutrition should be administered to extend your life. Beyond medical care, it can address details like food preferences and hospital visitation permissions, crucial considerations for your well-being during times of vulnerability. Without specific instructions, decisions made on your behalf might not align with your wishes.
Living Will vs. Last Will And Testament
While a Last Will and Testament deals with the distribution of your assets after death, a Living Will focuses on you, not your assets, and operates in the event of your incapacity, not your demise. In essence, a last will dictates what happens to your wealth and property post-mortem, whereas a living will guides your medical treatment while you are still alive. This differentiation is fundamental for your care and well-being.
Living Will vs. Medical Power of Attorney
The Medical Power of Attorney, within an Advance Healthcare Directive, empowers you to appoint a person, known as your “agent,” to make healthcare decisions on your behalf when you are incapacitated. In simpler terms, Medical Power of Attorney designates individuals responsible for medical decisions during your incapacity, while a Living Will articulates how you wish your medical care to be managed.
Why Having A Living Will Is So Important
A Living Will stands as a crucial element in every adult’s estate plan, ensuring that your medical treatment aligns with your preferences when you are unable to communicate them. Furthermore, it prevents unnecessary trauma and conflict within your family during an already challenging time.
Without a Living Will, your family would grapple with guesswork regarding your treatment preferences, potentially leading to stress, guilt, and conflicts among your loved ones. In extreme cases, family members might resort to legal battles over the management of your medical care.
Should You Rely On A Living Will Created Online?
While numerous Living Wills, Medical Power of Attorney, and Advance Directive documents are available online, the guidance and assurance offered by an online service may fall short of addressing your unique needs. In matters concerning medical treatment and end-of-life care, personalized guidance is crucial, and generic documents may not cater to your specific circumstances.
To ensure that your directives suit your individual situation, it is advisable to collaborate with experienced estate planning professionals like us, your local Family Wealth and Estate Attorney. We provide the necessary support to create or review your living will, offering tailored counsel for your decision-making process.
How We Can Help
Even with a well-prepared Living Will, its value is compromised if no one is aware of it. A Living Will takes effect the moment you sign it, emphasizing the importance of promptly delivering copies to your agent, alternate agents, primary care physician, and other medical specialists.
As part of our Exclusive Legacy Planning Session, we address these aspects and ensure everyone involved has access to the latest versions of your living will and other estate planning documents. Since unforeseen illness or injury can strike at any time, delaying the creation of your will is not advisable. Contact us now to establish this critical document.
This article is presented by Michelle Bell, an expert in estate planning and business succession services. Our office provides comprehensive legal support for businesses, assisting you in making informed decisions throughout your entrepreneurial journey and in planning for future contingencies. We also offer a specialized session where we review your business’s legal structures. To arrange this consultation, please click the following link: https://calendly.com/mcblawpllc/30min.
The information in this article is intended purely for educational and informational use and should not be considered as advice on ERISA, tax, legal, or investment matters. For advice specifically tailored to your unique situation, such advice should be sought independently from this educational content.