What is a Living Will? This is a question that many people ask but don’t know where to find the answer. A living will is a very important part of your wealth management.
In this blog post, we will discuss what a living will is, how to make one, and what it does. We will also discuss the difference between living wills and living trusts and explain why having a living will is so important.
What’s A Living Will?
A living will is a legal document that states your wishes for medical treatment if you cannot communicate them yourself. It can include things like whether or not you want to be on life support, what kind of pain management you want, and who you want to make decisions for you if you can’t.
You can appoint someone to be your healthcare proxy, which means they will make decisions about your medical care if you’re unable to do so yourself. This can be because you’re in a coma, have dementia, or are otherwise incapacitated.
When Does A Living Will Take Effect?
Your living will only goes into effect when you’re unable to communicate your wishes yourself. That’s why it’s important to appoint a healthcare proxy, so there’s someone who can make decisions for you if you’re unable to.
What Does A Living Will Do?
A living will is there to make sure your wishes are carried out if you cannot communicate them yourself. It’s an important document to have, as it can prevent a lot of heartache and confusion in a time that’s already difficult.
Many people choose to appoint their spouse or partner as their healthcare proxy, but you can choose anyone you trust to make decisions for you. Just be sure they know your wishes and are comfortable making tough decisions on your behalf.
What’s A Living Trust?
A living trust is a legal document that establishes how your assets should be distributed after you die. You can name a trustee to manage the trust, and you can specify how you want your assets to be used. A living trust can be revocable or irrevocable.
Living Will Vs. Living Trust
A living will is a document that outlines your medical treatment preferences if you cannot communicate them yourself. A living trust is a legal document that establishes how your assets should be distributed after you die.
The main difference between a living will and a living trust is that a living will only apply to your medical treatment, while a living trust can apply to your medical treatment and your assets.
Advantages Of Having A Living Will
There are many advantages of having a living will, but the most important one is that it ensures your wishes are carried out. If you’re unable to communicate with them yourself, you can rest assured knowing that there’s someone who knows what you want and will make sure it happens.
Another advantage is that it can prevent arguments among family members about what you would have wanted. In a time of grief, the last thing anyone wants is to argue about whether or not you would have wanted to be on life support.
What’s Included In A Living Will?
To make a living will, you must know what needs to be included. A living will should include:
- Your name and address
- The date the will is created
- Your signature
- An appointed Health Care Agent
- Alternate Agents in case your first choice is unable or unwilling to serve
- Specific medical treatments you do or don’t want to receive
- Any general instructions for your care.
Creating a living will is an important step in controlling your health care and ensuring that your wishes are followed if you become incapacitated. A living Will allows you to state what kind of medical treatment you would or would not want to receive if you were unable to communicate those wishes yourself. It can also include general instructions for your care.
If you have specific religious beliefs that guide your decisions about medical treatment, you should include those in your Living Will. You may also want to state whether you would or would not want to be kept alive on life support. Get in touch with wealth management professionals to get started.
How To Make A Living Will
Now that you know what is included in a living will and the advantages and disadvantages of having one, you may wonder how to make one. Creating a living will vary from state to state, so it’s important to check the laws in your state before getting started.
In general, the steps for creating a living will are as follows:
- Choose your health care agent. This person will make decisions on your behalf if you are ever unable to do so yourself.
- Choose alternate agents if your first choice is unable or unwilling to serve.
- Make sure your agent knows your wishes and has a copy of your living will.
- Keep your living will up to date as your health or medical treatments change.
A living will is an important document that can help ensure that your wishes are followed if you become incapacitated. It’s important to choose your health care agent carefully and to keep your living will up to date as your health changes. By taking these steps, you can rest assured knowing that your wishes will be carried out even if you cannot communicate them yourself.
What’s A Health Care Proxy?
A Health Care Proxy is someone you appoint to make decisions about your health care if you can’t make them yourself. The person you choose must be over 18 years old and willing to take on this responsibility. You should pick someone who knows you well and who you trust to follow your wishes.
You can give your Health Care Proxy authority to make all of your health care decisions or only the specifically listed ones in your Health Care Proxy form. If you want, you can give different kinds of authority to different people. For example, you could appoint one person to make decisions about medical treatment and another person to decide about mental health treatment.
Why Get Both A Living Will And Health Care Proxy?
You might want to appoint a Health Care Proxy even if you have a Living Will because:
- Your Living Will might not cover all the decisions that need to be made.
- Your health care situation might change, and your Living Will might not apply anymore.
- Someone else might need to make decisions right away, and your Living Will takes effect only if you can’t make decisions for yourself.
A Health Care Proxy is someone you appoint to make decisions about your health care if you can’t make them yourself. The person you choose must be over 18 and willing to take on this responsibility. You should pick someone who knows you well and who you trust to follow your wishes.
Do You Lose Control of A Living Will If You Appoint a Proxy?
One common misconception about living wills is that you lose control of your health care decisions if you appoint a proxy. This is not the case. You are still in charge of your health care and can revoke or change your living will at any time. The only difference is that you have appointed someone to make decisions on your behalf if you are unable to do so yourself.
Another thing to remember is that a Living Will will only go into effect if you are terminally ill or permanently unconscious. So, if you can still make your own decisions, then your living will has no bearing.
Differences Between Living Will Vs. Last Will And Testament
When it comes to your final wishes, you may wonder the difference between a living will and a last will and testament. A living will is a document that outlines your medical care preferences in the event that you are unable to communicate them yourself. For example, this could be due to an accident or illness that leaves you in a vegetative state.
A last will and testament, on the other hand, is a document that details how you would like your assets to be distributed after you die. You can also use it to appoint a guardian for any minor children you have. While a living will only takes effect if you become incapacitated, a last will and testament come into play after you die.
Set Up Your Living Will
At Nesso Wealth, we can help you set up your living will. Our professionals will work with you to ensure that your will is tailored to meet your specific needs and wishes. By setting up your living will, you’ll have confidence knowing that your family and loved ones will not have to make difficult decisions on your behalf should something happen to you.
Our Nesso Wealth team can help you understand all aspects of a living will and provide you with the guidance to set it up for yourself. We work hard to keep our clients informed about their options and ensure that they have the best possible plan for their future. Don’t hesitate to reach out now to learn more.
For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.