Living will

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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
Although living wills can be tricky, experts have no reservations about recommending that people have a health care proxy.
What makes living wills an especially powerful tool is that they can assist policymakers in establishing credibility--in particular, a credible commitment not to rescue.
For more advice on living wills, including tips on how to talk to your doctors, visit Prepare for Your Care (
Like many advanced directives, the WV living will requires patients to make the same broad care decisions for a terminal condition or a persistent vegetative state.
For those in the early stages of a serious illness, the progression of which is known, a living will can provide vital help and advice to loved ones at a time when they need it the most.
The survey tested their knowledge of living wills and related major legal issues.
This is the going-out-of-business method planned in the living wills due July 1.
You were fully informed about the nature and consequences of the living will at the time you made it.
With these concerns in mind, the FDIC and the Board of Governors of the Federal Reserve System (Federal Reserve Board) published a final rule with regard to living wills under Dodd-Frank on November 1, 2011 (Final Rule).
Physicians frequently misidentify living wills as do-not-resuscitate designations, and DNR orders often are misinterpreted as end-of-life care directives, according to a study in the Journal of Emergency Medicine.
One partial remedy to complexity covered at the conference was living wills. In a regulatory context, living wills refer to plans by financial firms for the unwinding of their operations in the event of financial distress, including how the financial firm would be resolved in bankruptcy.
But MPs also warned that planned moves such as living wills to windup banks in an orderly fashion were likely to raise the cost of credit for customers.