Adding a living will to your estate plan may be one of the best decisions you ever make, as it can give you peace of mind in knowing that your health care wishes will be followed in the future.
In short, a living will is your statement to medical providers about the types of life-prolonging treatment you do and do not wish to receive. This is important in the event that you're suffering from an illness or injury that makes it impossible to personally communicate your desired treatment.
You're not required to create a living will, but there are some benefits of doing so:
- Peace of mind: You may have strong feelings about certain types of medical treatments that are available. With a living will, you'll have peace of mind in knowing that you'll never receive treatment you don't want.
- Less stress on your family: With a living will in place, your medical team will know what type of treatment to provide. This takes the pressure off of your family, as they no longer have to make critical health care decisions during an extremely difficult time.
- Avoid the depletion of your assets: A living will can prevent a situation in which your assets are depleted by medical care when there is no real chance of recovery.
A living will isn't the right decision for everyone, but it's something you should at least consider adding to your estate plan.
Once you better understand the impact on you and your loved ones, you can decide if a living will is something that makes sense.