Basics Of A Living Will

Today I would like to talk to you about a document that many times is overlooked in our financial planning process; living will. A living will is an important document that directs the close members of a family about the steps to take if the person become terminally ill or incapacitated at a later point in life. A living will is a legal document that a person uses to make known his or her wishes regarding life prolonging medical treatments.

This document can go by other names such as advance directive, health care directive, or a physician's directive. A living will is not a living trust, which is a mechanism for holding and distributing a person's assets to avoid probate. A living will instructs a health care providers and specially your family about your desires for medical treatment in the event you are not able to speak for yourself. The person, through a living will, can tell if he wants to be revived through cardiopulmonary resuscitation (CPR), be nourished through feeding tubes, or be supported through mechanical ventilation, among other things. If so, when and for how long does he intend to be on such support devices?

One of the misunderstandings of the living wills is that they are exclusive for older adults. Unexpected end-of-life situations can happen at any age, so it's important for all adults to have advance directives.

Everyday you see unfortunate cases of families in courts with debates and disputes about what to do with a family member who has suffered an illness and now that person cannot make a decision for themselves. These type of uncomfortable family situations can be avoided with a living will.

The laws that affect living will vary from state to state. Some states require living will to be notarized; others do not. There are also states that use standard living will form, and states that have specific instructions on making a living will. Before making a living will it is important for a person to know the fundamentals of a living will in the state he is residing in. As soon as the living will is completed, copies must be distributed to loved ones, health care agent, personal doctor, and, in case of hospitalization, attending physicians.

Finally, changes can be made in the living will; however, these should be brought to the attention of all people concerned. The old living will, which must be destroyed, will then be superseded by the new version.