A living will is often confused with a last will and testament and many people think that both documents are the same thing. But they are not and each document has a completely different purpose. In this video, Vitaly give a living will definition, the difference between the living will and a last will and testament, and provides two very important reasons why you need to have the living will.
A living will is a legal document that spells out your wishes about medical treatments if you are unable to communicate for yourself. 2 vitals reasons why you need to have a living will are:
Protecting your family from making these unbearable decisions about your medical treatment.
Financial cost of inaction is too big to ignore it.
A living will is an important element of your estate plan and if you don't have one, I encourage you to adopt one sooner rather later. Not only will it provide guidance to your family members and medical personnel about your medical care, but can also protect and preserve your estate for your heirs.
If you have any other financial questions for me or would like to see if you and family are exposed to an unnecessary risk, please feel free to schedule a free call.