When it comes to estate planning, you’ve most likely heard people mention a couple of different types of wills. The most common is a “last will and testament,” or simply a “will.” But you may have also heard people talk about what’s called a “living will.”
Both terms describe important legal documents used in estate planning, but their purpose and the way in which they work is very different. Here are some of the most critical things you should know about livingwills and why having one is an essential part of every adult’s estate plan.
• What is a living will?
A living will, often called an “advance healthcare directive,” is a legal document that tells your loved ones and doctors how you would want decisions related to your medical care handled in the event you become unable to make such decisions yourself.
Specifically, a living will outlines the procedures, medications and treatments you would want – or would not want – to prolong your life if you become unable to discuss such matters.
• Living will vs. last will and testament.
A last will and testament is used to ensure your assets are divided upon your death in the way you choose. Note that your will only deals with your assets, and it only operates upon your death. In contrast, a livingwill is about you.
• What is an advance directive?
An “advanced directive” or “advance healthcare directive” are both general terms that describe legal documents that are related to your healthcare needs. Typically, an advance healthcare directive will include a living will and a medical power of attorney.
• Medical power of attorney.
A medical power of attorney is the part of an advance healthcare directive that allows you to name a person, known as your “agent,” to make healthcare decisions for you if you’re incapacitated and unable to make those decisions yourself. In contrast, a living will explains howyour medical care should be handled.
For example, if you become seriously ill and are unable to manage your own medical treatment, a living will can help guide your agent to make these decisions on your behalf. The medical power of attorney document says who should be making the decisions.
• Why is a living will so important?
A living will can ensure your medical treatment is handled exactly the way you want in the event you become unable to communicate your needs and wishes yourself. Additionally, a living will can prevent your family from undergoing needless stress, guilt, and conflict during an already trying time.
• Even young people need a living will.
You can experience a serious accident or illness at any age, which would leave you unable to communicate your wishes. For this reason, all adults over age 18 should have both a living will and a medical power of attorney in place.
This article is a service of Law Office of Lasca A. Arnold, PLLC.
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