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.

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.

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.
Barton notes that a living will also frees your loved ones from the pressure of having to make critical medical care decisions for you while they are under stress or in emotional turmoil.
Appendix A&B) The living wills were de-identified as Living Will 1 and Living Will 2.
Only 23% of the nurses had received previous training about living wills (Table 1).
Th is method has more flexibility than is allowed in bankruptcy courts, but still uses critical information collected in the banks' living wills, such as where exactly to find collateral.
The living will hasn't been changed, either verbally or in writing, since it was drawn up.
22) The idea for living wills as a measure to prepare for effective resolution of financial institutions began to gather support internationally during 2008.
To avoid this outcome, legal and industry practitioners argued at die conference that the design of the first generation of credible living wills should include certain core elements, such as access to critical counterparty and collateral information, triggers for activating recovery or resolution plans, and a menu of available actions related to capital, liquidity, and the declining value of assets as the weaknesses of the firm become evident.
The committee also acknowledged that the introduction of living wills would transfer some of the risk from taxpayers to the financial sector.
It will also force banks to create living wills, so they can be unravelled after collapse.