Friday, January 7, 2011

Reasons Why It's a Good Idea to Have a Living Will

A Living Will, also known as a an Advance Health Care Directive, is important to have because it allows us to name an agent to make health care decisions for us, usually because we are unable to act at some point in time due to health reasons.
A Living Will goes by different names but has the same function- i.e., this document authorizes health care professionals, such as doctors and hospital personnel, to communicate with the Agent about choices to be made for a patient's health care. In most cases, the Agent interacts with health care providers because the patient is unable to do so. The purposes of these forms are twofold:
1. to name an Agent to make decisions of behalf of the Principal; and,
2. to provide directions to the Agent in making those decisions.
The most extreme decision this document allows the Agent to make is to discontinue artificial means of prolonging the Principal's life. These forms also allow for burial and funeral instructions as well as the Principal's intention relative to organ donations. You can make your Living Will online or you can consult with an attorney. Most Estate Planning Lawyers will recommend a comprehensive estate plan to a client, which consists of the following documents: a Living Trust or Traditional Will, Pour-Over Will, Durable Power of Attorney for Financial Trust Transfer Deed or Quitclaim Deed, Assignment of Tangible Personal Property, Trust Schedules and Trusts Funding Instructions. Living Trusts Estate Plans should be drafted by a Estate Planning Attorney or you can do some legwork and create one online.