Living will
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Related to Living will: living trust, Durable power of attorney
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.