People are often so focused on building and preserving their wealth that they miss other important aspects of financial and estate planning, a living will. Living will is a legal document in which a person makes their last wishes known regarding their life prolonging, living will is also known as health care directive, advance directive, or a physician’s directive all refer to living will.
Why is Living Will Important?
Imagine you are in a coma and your physician and caregivers need to make an important medical decision, but this cannot be done without you or your representatives consent. Who can speak on your behalf? Your mother, father, your son or best friend? A living will is important as it informs your health care providers as well as your family of your wishes if you are unable to communicate. Power of attorney for medical care will appoint someone who will be able to make health care decisions on your behalf. A living will can save your family a lot of confusion and hassle in difficult times and ensures decisions are made in accordance to your wishes.
Who Should Have a Living Will?
Anyone who wants to have a complete financial plan should have a living will, living will is just one part of a comprehensive financial plan and it supplements the last will. A living will can not only benefit you when you can not speak for yourself but it can lift a major burden off your family by telling them exactly what your wishes are.
How to Get a Living Will?
A living will should be carefully constructed, often you will require legal assistant on the matter. if you already have a last will and testament you may already have a living will, if not you can contact a estate planning lawyer in your area to help you draft your living will. There are also living will kits available to download from the internet for a small fee, these tend to do a decent job but may not be very detailed.
If you decide to get a lawyer to help you with your living will it can cost up to couple hundred dollars, depending on your location and situation.
Once you have your living will make sure you keep it in a safe and accessible location, ensure your immediate family has access to it if needed, often you can leave a copy with your lawyer.
How important do you find a living will? Do you have your living will? Any tips you have for readers?
Ray is an ex-financial adviser and the founder of Financial Highway. Currently working in the financial industry and working towards completing his Chartered Financial Analyst, CFA, designation.