Are you ready to create a living will, but still a bit confused about what it is and what should be included? Here is what you need to know when creating a living will.
Everyone Should Have A Living Will
A living will is an essential document that everyone should have. That is because you cannot predict when an emergency will happen, and many decisions need to be made in advance. A living will allows you to ensure that your wishes are carried out when you can no longer make decisions on your own.
Don't Confuse A Living Will With A Last Will And Testament
There are two documents that have similar names but actually serve two entirely different purposes. A living will is a document that you create to make decisions while you are still alive, and a last will and testament is a document that decides what happens after you pass away. A last will and testament does not become valid until after you pass away and the will goes through probate. A common mistake people make is putting things into the wrong document, which creates problems when your wishes are not read at the right time. For example, you would not want to put information about if you want to be on life support in your last will and testament.
Decide On Who Makes Medical Decisions
There may come a point in your life where you are incapacitated and need someone to make decisions on your behalf. This person will have the power of attorney over your medical care, and it means that you fully trust them to make decisions for you when you cannot make them yourself. Even if you have your wishes spelled out in your living will in regard to what you want, the person with power of attorney will need to sometimes make decisions quickly based on the situation at the moment. Many people pick a close family member to make these decisions since they will be involved with your medical care the most.
Decide On Who Makes Financial Decisions
In your living will, you will also need to decide who has the power to make financial decisions on your behalf. This can be the same person that has decisions over your health care, or someone entirely different. If you are incapacitated, the person that has power of attorney over your finances will have access to your bank accounts and be able to pay bills, sell property, make investment decisions, and things of that nature.
For more information, contact a paralegal service, such as Legal Document Assistants | LDA PROShare
11 April 2022