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Living Will
(redirected from Living Wills)

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia 0.01 sec.
Living will
A document specifying the kind of medical care a person wants-or does not want-in the event of terminal illness or incapacity.

Advance Directive
A legal document expressing a person's medical wishes in the event of his/her mental or physical incapacity. An advance directive is made while the director is still competent, and comes into effect at incapacity. An advance directive may state whether or not the director wishes to be placed on life support or to receive a particular treatment. It may or may not assign another party, usually a family member, to make these decisions as they come up. It is important to note that in this situation, an advance directive is not a power of attorney and neither allows the other party access to the assignor's finances, nor obliges him/her to pay for any treatment. See also: Proxy directive.

Living will. A living will is a legal document that describes the type of medical treatment you want -- or don't want -- if you are terminally ill or unable to communicate your wishes.

Like wills that provide instructions about your assets, living wills must be signed and have two or more witnesses to be valid.

You can use a healthcare proxy or durable power of attorney for healthcare to authorize someone to act as your agent to ensure your wishes are followed. Because there are still unresolved questions about the extent of your agent's authority, it may be wise to get legal advice in preparing the documents.



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Despite being different things, wills and living wills are similar in some respects.
The G20 wants all major financial firms to draw up living wills by the end of 2010 and the FSA has already announced that several banks are taking part in a pilot scheme to complete first drafts of living wills in coming weeks.
Bank of England Governor Mervyn King this week also said he favoured separation of activities in living wills to avoid "ever increasingly detailed" oversight of the financial system.
 
 
 
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