 Personal Finance PowerPoint Presentation Living Will Prepare to get financially fit by practicing personal finance Support Accounting Instruction by clicking the link below giving you a free membership to all of the content on our website Broken Out by Category Further Broken Out by Course Each course then organized in a logical, reasonable fashion Making it much more easy to find what you need than can be done on a YouTube page We also include added resources such as Excel practice problems, PDF files and more Like QuickBooks backup files when applicable So once again click the link below for a free month membership to our website and all the content on it Most of this information comes from Investopedia Living The will that you can find online Take a look at the references resources Continue your research from there This by the Investopedia team Updated July 14, 2021 And prior presentations We've been looking at a state's plan here Now focusing in on particular components of it Particular tools this time that being The Living Will First question What is a Living Will? A Living Will also known as an advanced directive Is a legal document that specifies the types of medical care That an individual does or does not want In the event they are unable to communicate their wishes So in the case of an unconscious person Who suffers from a terminal illness or life threatening injury Doctors and hospitals consult the Living Will To determine whether or not the patient wants life sustaining treatment Such as assisted breathing or tube feeding So at that point in time clearly You can't make the decision in and of yourself So you might want to think about making that decision Basically beforehand So in the event that you're in that situation It could be a little bit easier for both yourself Or the medical professionals In terms of what you want to do And for the family to move forward At that point with whatever your wishes are In the absence of a Living Will Decisions about medical care become Responsibility of espoused family members Or other third parties These individuals may be unaware of the patient's desires Or they may not wish to follow the patient's Unwritten verbal directives So understanding a Living Will Living Wills and advanced directives Come into play only when one faces A life threatening condition And is unable to communicate their desires For treatment So clearly if you're able to communicate Then you can communicate your desires But if you're in a situation where you cannot do so Then you might want to put something in place If you would like to have that decision You may have that point of title a bit more easily Possibly Doctors don't consult the wills For standard medical care That doesn't involve life threatening situations Every state provides for the drafting of a Living Will Although some states call the doctor A medical directive or a healthcare proxy Some states let you prepare a detailed customized Living Will While others require you to fill out a standardized form So this, like many other states You're not a federal type of then Typically it's on the state side Then the law could be different from states to states You want to determine in your particular area What is the Living Will called What is the process for filling out a Living Will Proceed accordingly What is included in a Living Will A Living Will addresses many of the medical procedures Common in life threatening situations Such as resuscitation via electric shock Ventilation and dialysis One can choose to allow some of these procedures Or none of them So one can also indicate Whether they wish to donate organs And tissues after death Even if the patient refuses life-sustaining care They can't express the desire to receive pain medication Throughout their final hours In most states One can extend a Living Will To cover situations where there is no brain activity Over doctors expect them to remain unconscious For the rest of their life Even if a terminal illness Or life-threatening injury isn't present Because these situations can occur to any person At any age It's a good idea for all adults To have a Living Will So how to make a Living Will Before making a Living Will It's best to understand that it will not serve As a last will and testament Whereby property and personal effects Are allocated to others upon death So we're not talking about a standard will So most of the time when we think about a will We think about at the point of death We're trying to allocate our resources In such a way that we wish To make that process a little bit easier On our loved ones This isn't that This is a Living Will Which has a different specification As has been outlined here A Living Will stipulates The type and levels of medical care When received, if incapacitated And for how long The Living Will details the goals and wishes Of a person in the event They can no longer care Or make decisions for themselves When creating a will Consider how you want to Integrate your personal or religious beliefs Into the care received It might be helpful to segment A Living Will into categories of care Or you can first identify The circumstances in which Care should be extended To preserve life And what types of life savings Or preserving care Such as blood transfusions And dialysis should be administered Include a category to address Whether you do not care If you are in a vegetative Or unconscious state Indicate where you want to receive medical care Nursing home, at home Or in some other facility You can also request how Nutrition will be provided Whether it will be given intravenously By mouth or with health Another category to consider Is pain management Indicate the type And levels of treatment To manage pain So you can further break down These categories into Life-sustaining pain management And pain management In lieu of life-sustaining care If you have family or friends Who will be responsible For both receiving your care Discuss your plans with them It might be helpful to include them In the decision making process As they might have insight Into areas otherwise overlooked And list the health of a professional Such as an estate planner Or attorney These experts can help you make decisions For the best possible outcomes So healthcare proxy In addition to the living will One can select a healthcare proxy Who is allowed to make decisions If they are incapable of making those choices Some states call this individual A healthcare power of attorney So now you're saying I'm still alive So you're basically having someone else Act kind of like Azure agent For that particular decision That's why they might call it a healthcare power of attorney Which is typically the document That you give someone to act kind of like Azure agent To some degree In some components of your life Living wills cover many medical decisions But a healthcare proxy Can consult with the doctor On other issues that may arise When facing the loss of a loved one Families often disagree over treatment So having a healthcare proxy Reduces confusion over one's final wishes One should discuss wishes With the proxy before naming this person And be sure the proxy Is willing to follow through With their desires Living will versus a living trust Although a living will And a living trust are commonly referred to In estate planning They are different We talked about a trust in a prior presentation A living will involves The subject person will be Here for if in a Compromised or incapacitated state This medical directive Terminates upon the death of that person So the living will As we've been discussing Deals with if the person's In a particular type of medical state Can't make the types of decisions they could If they were not in that state But they're not dead A living trust deals with the property And incapacitated person So if you're talking about a trust You're thinking about an instrument That could be treated in some way Similar to the will But there's different reasons why you might set up a trust We talked about prior presentations Which could include making the probate process Easier that that process Is viewed towards the Allocation of the assets And the assets and liabilities The financial side of things And not generally on the side of things Or that specific circumstances That we're talking about here With the living will So the trust essentially becomes The new owner of the assets Under the living trust agreement A trust fee or the person Or person responsible for managing The assets and is identified So just as a living will Deals with a living person A living trust deals with The assets of a living person So the living trust Could be applied when someone is living So normally the living trust Could be in place to make the The probate process a little bit easier And it could also kick in If someone becomes incapacitated But it's kicking in Not to help with the medical decisions But to help with managing the finance decisions So they both are executed When the initiator Blacks the capacity To make decisions for themselves So do I lose control of my living will If I appoint a proxy You will not lose control Of your living will While you have the ability Or capacity to make decisions If incapacitated The proxy has the legal authority To act on your behalf Making decisions about your health care Review the living wills with the proxy To make sure they understand Your wishes and agree to infuse Them when needed What is the difference between Your living will and your living will A living will addresses the type Of medical treatment given to a person Was unable to make those decisions For themselves The living will carries out The expressed wishes regarding Medical care of a person Should they become unable to Manage their care The last will and testament Are the expressed wishes of a person Regarding how their assets Will be allocated or disposed Of their death What is a bank's living will A bank's living will is a legal report Filed annually by companies Instructing how the business will be Obliquedated in the event of insolvency When we think about a bank's living will It sounds similar but we're talking about Basically a death situation Of a corporation, a legal entity A bank, a liquidation process Therefore they're in