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NestEgg Magazine > News > Retirement > Living Will > What is a Living Will and Why You Need One
Living WillLast WillRetirement

What is a Living Will and Why You Need One

Have you ever thought about what will happen to your possessions, property, and other assets when you die? While it can be a difficult and uncomfortable thought, creating a living will provide clarity and peace of mind for yourself - and those close to you - in the event that something happens. In this article, we'll look at what a living will is, why it's important, and how to create one that adds maximum security, peace of mind and protection for yourself and your loved ones.

NestEgg
Last updated: 2023/02/28 at 11:19 PM
NestEgg Published February 28, 2023
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What is a Living Will and Why You Need One?

A living will is an important legal document outlining your wishes regarding medical care, finances, and personal possessions while you are still alive as well as after death. Creating such a document gives you control over how your estate is handled upon death, ensuring that your wishes are carried out rather than being left up to chance or family turmoil.

Table Of Contents
What is a Living Will and Why You Need One?Benefits of Having a Living WillHow to Draft a Living WillChoosing an ExecutorYour family and your living willExecuting the Living WillMaking sure your wishes are carried out when you pass awayHaving a living will is an important decision

Writing a living will is an important step in taking control of your legacy. It allows you to make decisions about your medical care and finances when you can no longer do so yourself, while also protecting and providing for those you love the most. A living will gives you the power to decide how your affairs are handled after you pass away and makes sure that your wishes are honored. This document can save families from making difficult decisions during already challenging times, providing peace of mind that their loved one’s wishes are respected. Having a living will is not only beneficial for yourself but also for your family.

Be there for others, but never leave yourself behind.

Dodinsky

Benefits of Having a Living Will

Having a living will in place provides peace of mind and protection for both you and your family. It ensures that your end-of-life wishes are respected, giving your family the confidence to make decisions that honor your values and beliefs. In addition, a living will saves time and confusion by providing clear guidance to medical professionals about what treatments should or should not be performed. Other benefits include greater control over your finances and property after you pass away, protection from disagreements among family members regarding treatment or other decisions, and the ability to specify burial arrangements in advance.

Another benefit of having a living will is the ability to appoint someone that you trust as your legal healthcare proxy. This person will be legally responsible for carrying out your wishes and making medical decisions on your behalf, should you become incapacitated or otherwise unable to make those decisions yourself.

By having this document in place, you can rest assured that someone who knows what’s important to you and understands your wishes will be able to make tough decisions with confidence when the time comes.

Knowing that you have taken proactive steps to make sure that your wishes are respected relieves them of the burden of attempting to guess what you would have wanted in difficult situations, which can otherwise add unduly to the stress and grief already caused by the loss.

Furthermore, having a written document specifying your wishes means that family members cannot contest those decisions and are generally more likely to accept them, ensuring that your last wishes are honored.

 

How to Draft a Living Will

Drafting a living will is an important step in ensuring that your wishes are respected should you become incapacitated. While the process is not overly complicated, there are some important factors to consider when creating this document.

First and foremost, it is essential to enlist the help of a legal professional. A lawyer can assist you in drafting a comprehensive document that specifically outlines all of your wishes, as well as provide advice specific to your unique situation. The cost associated with hiring an attorney can be high; however, it is worth the peace of mind of knowing that the document will be both legally binding and tailored to reflect your preferences.

In addition to consulting with a lawyer, it is also wise to consult with family members and close friends before finalizing the document. These individuals may have important insight into what you would want for yourself in the event you become unable to communicate those wishes yourself. Additionally, such conversations can lead to meaningful dialogue about what kind of medical decisions you may wish for in certain scenarios.

Finally, once a draft of the living will have been completed it must be signed by both you and two witnesses familiar with the contents of the document. This ensures that medical decisions will remain consistent should something happen to you and eliminates any doubt as to who authorized such decisions. Once correctly executed, make sure to keep copies available in several places so they can easily be found if needed.

 

Elderly woman writing her living will.

Getting your living will in place is not as complicated as one may think.

Choosing an Executor

Choosing an executor to carry out your wishes after you have passed away is an important decision. An executor is a person responsible for deciding how to distribute assets, paying off debts and liabilities, and managing the estate until it is distributed according to your will. In order to make sure that everything runs smoothly, it’s important to choose someone who is organized, reliable, and trustworthy.

The most common choice of executor is a close family member such as a spouse, adult child, or another relative. However, if none of these are suitable options then it’s possible to choose a trusted friend or an outside professional such as an accountant or lawyer. Although this person may need to be paid for their services depending on the complexity of the task. It’s also wise to name a backup executor in case something happens to your first choice before they can take on the role.

When choosing an executor it’s important to consider all aspects of their personality and skillset so that you can be sure that they will handle the job properly. In particular, look for someone who is honest and diligent – two qualities that are essential for carrying out your final wishes without any issues or confusion. 

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Additionally find someone who is able to remain composed in difficult situations such as dealing with difficult family members, potentially long legal proceedings as well as complex financial matters involving investments and insurance policies, etc.

Overall selecting the right executor should not be taken lightly – it’s an incredibly important job and one that should be carried out by someone who can do justice to fulfilling your wishes with respect and integrity.

Your family and your living will

Explaining the details of your living will to your family can be uncomfortable and difficult but it’s essential that they understand the decisions you have made in case something were to happen. Talk to them about any specific wishes you may have, such as whether you would want life support or other medical procedures like a DNR (Do Not Resuscitate) order. You should also explain which medical decisions you do and don’t want them to make on your behalf.

Living-Will-Black-Family

It’s important to share this information with your family or trusted circle.

It’s also important that they know where all the important documents are located in the event of an emergency. Let them know where they can find copies of the living will, contact information for any legal professionals involved, and other relevant paperwork such as Advanced Directives, Power of Attorney documents, and financial information.

Ultimately having these conversations now means that if something were to happen in the future, there won’t be any confusion over what course of action should be taken and your family will not be burdened by trying to make difficult decisions without knowing what you would want.

Executing the Living Will

Executing your living will is a crucial step in ensuring that your wishes are respected should something happen to you. It involves the legal process of creating and authenticating a document that outlines your desired medical treatments if you become incapacitated and unable to make decisions for yourself.

The best things in life aren’t things.

Art Buchwald

The process of executing a living will typically require input from both legal professionals and doctors. The document should be created with the help of an attorney who can ensure it meets all the necessary requirements for it to be legally binding. Your doctor can also explain any medical terminology that may not be familiar to you so that you can make informed decisions about what treatments if any, you want to receive.

Making sure your wishes are carried out when you pass away

You should also discuss arrangements regarding who will handle any funeral arrangements or make donations on your behalf if that’s something you’d like to do. Additionally, make sure they know where all relevant documents such as Advanced Directives and Power of Attorney paperwork can be located in the event of an emergency.

Creating a living will is just one part of making sure your wishes are respected after you’ve passed away. Having conversations now with those closest to you can help ensure that no confusion arises when it’s time to execute those plans.

Having a living will is an important decision

Writing a living will is an important decision that shouldn’t be taken lightly. Although the process can require navigating complex legal, medical, and interpersonal matters, it doesn’t have to be overwhelming. By taking the time to lay out your wishes in detail and trusting those close to you to carry them out, you can rest assured that your decisions will be respected even after you’re gone. With a little preparation, you can make sure that your legacy lives on exactly as you intended.

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TAGGED: Living Will, Retire, Retirement
SOURCES: rubynews.com, timenews.com
VIA: ThemeRuby, MarsNews

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