How Does It Differ from Other Estate Planning Tools
You’ve worked hard to build your net worth, to put everything in place to protect your loved ones in the event of your death. Perhaps the greatest gift you can give your loved ones, though, isn’t money or property—it’s putting together a clear and effective estate plan, so that your loved ones know exactly what you want. That frees them from worry and allows them to channel their energy into grieving your loss.
When you’re putting together an estate plan, there are a number of documents you’ll want to consider. One that’s often discussed is a living will. You may not know exactly what that is or how it differs from any other type of will.
What Is a Living Will?
A living will is a written document that sets forth a person’s requests or desires with respect to medical treatment. It customarily only goes into effect if the person creating and executing the living will lacks the mental capacity to make reasonable decisions about his or her care, or to convey informed consent to certain medical procedures. Common situations addressed by a living will include:
- Whether or not a person wishes to have life support technology used to perpetuate life
- Whether or not a person wishes to be resuscitated
- Whether or not a person wishes to be on a feeding tube or mechanical ventilation, or wants dialysis, antibiotics or antiviral medications if unconscious or in a coma
- Whether or not a person wants his or her organs to be donated in the event of death
How Does a Living Will Differ from a Simple Will?
A simple will generally does not make reference to medical issues. Instead, it seeks to:
- Set forth how assets will be distributed among beneficiaries
- Identify who will act as executor of the estate
- Identify who will serve as guardian for minor children or for adults who require guardianship
- Determine how final debts of the estate shall be handled
How Does a Living Will Differ from an Advance Medical Directive/Medical Power of Attorney?
Another key component of an effective estate plan is the advance medical directive, also referred to as a medical power of attorney. Whereas the living will makes reference to specific types of care or treatment, the advance directive typically identifies a person who will be granted the power to make medical decisions on behalf of the incapacitated person. It’s rare that an advance medical directive identifies what type of care will be permitted or prohibited. In most instances, the person creating and executing the advance directive will discuss his or wishes beforehand with the person being given the authority to make those medical decisions. Furthermore, many advance directives only go into effect when a person has been declared incapable of making his or her own medical decisions.
Contact the Experienced Estate Planning Lawyers at Bailey & Galyen
At the law office of Bailey & Galyen, we understand the importance of putting an effective estate plan in place and can help you consider all your options. We offer a free initial consultation to every client. To speak with a results-oriented lawyer about concerns about wrongful termination or discharge, contact us by e-mail or 844-402-2992 call our offices at one of the convenient locations listed below. We will take your call 24 hours a day, seven days a week.
