Do I Need a Living Will?
It never fails. Around this time of the year I start getting calls from people looking to make good on those New Years’ Resolutions to finally get their affairs in order. Many of these requests for estate planning come in the form of the potential client stating, “I need a Living Will.” But do you really need a Living Will?
There are several legal documents that you should consider having in place as part of your general estate plan. The most common is a Last Will and Testament, or simply a Will. This document is often confused with a Living Will. The two documents actually do completely different things. Knowing the difference is critical.
A Living Will is an Advanced Directive that pertains to medical decisions. This document names an agent that will make decisions on your behalf if you are permanently unable to do so yourself due to illness or incapacitation. The Living Will lays out the extent of care you wish to receive if you are in such a state. It gives guidance to the agent to make decisions concerning artificial life support measures such as ventilators and feeding tubes. The Living Will states what care you would like to receive, and what care you would not like to receive.
A Last Will and Testament, on the other hand, is not a medical directive. Rather, it is a document that discusses how your assets will be disposed of upon your death. (Think: The final scene of Gran Torino where Thao receives the prized 1972 title vehicle.) If you have minor children, guardians for them are designated in a Will.
When people call my office asking for a Living Will, they are most often actually looking for a Last Will and Testament. However, both documents are important parts of your estate plan. Contact me today to discuss these and other estate planning measures.
LEGAL NOTICE:
The above is an overview of the subject matter in the State of Ohio. It is not legal advice, and does not create an attorney-client relationship with MEM Law Ltd. Your own situation should be reviewed and analyzed by an attorney.