Why Every Adult Needs a Living Will and Health Care Proxy
The hardest medical decisions are often made by people who never expected to make them—a spouse, an adult child, a sibling.
When those decisions have to be made without clear guidance, families are left trying to guess. A living will and a health care proxy are designed so they don't have to.
The Importance of Having an Advance Directive
An advance directive is a set of legal documents meant to share your preferences for medical treatment or care, specifically in the event you become incapacitated or otherwise unable to communicate your wishes. For most people, an advance directive centers on two key documents: a living will, which outlines the medical care you want, and a health care proxy, which names the person authorized to make decisions on your behalf.
Hospitals are legally required to ask if you have an advance directive, though you don’t legally have to have one. That said, it’s the most effective way to ensure the treatment, prescriptions, and care you receive align with your preferences.
An advance directive can also provide vital guidance and assurance to your loved ones during a stressful time.
What Is a Living Will?
A living will is a legal document, a type of advance directive, that is used to communicate with medical staff when emergency treatment is needed. While a traditional will dictates things like guardianship for minors or burial arrangements, a living will determines what type of treatment you’d like and under what circumstances. It only goes into effect in the event you are terminally ill, unable to make informed decisions, or permanently unconscious.
A living will should provide guidance on emergency treatments and extraordinary measures, including: [1]
CPR
Ventilators
Pacemakers and implantable cardioverter-defibrillators (ICDs)
Artificial nutrition and hydration (feeding tube)
Organ donation
What Is a Health Care Proxy?
Once you’ve documented your medical care preferences, you’ll need to determine who you trust to execute, communicate, or otherwise oversee your wishes.
A health care proxy is a document naming another person as your decision-maker, meaning they can speak with providers and make decisions on your behalf in the event you become incapacitated. A health care proxy is a critical legal document allowing doctors to share your medical records and condition with an authorized person. If you don’t have a designated proxy, the state may select one for you (under certain circumstances).
Put some thought and care into who you select as your health care proxy. If you have several adult children, it might make sense to select the one who lives closest to you, for example. Once you do choose a person, communicate your intentions with them as well and make sure they’re on board. Becoming responsible for another person’s medical care is no small task, and they should understand what they’re in for (and why you selected them).
Incorporating These Documents into Your Estate Plan
An advance directive does not grant someone power over your finances, assets, or anything outside of your medical care. If you want your health care proxy to have control over other aspects of your life, you’ll need to establish a separate power of attorney document.
Considering your medical state or decisions can impact your financial life, it may make sense to pair responsibilities. A financial power of attorney will give your chosen individual the ability to pay bills, access accounts, and otherwise manage assets if you’re unable to.
Don’t Forget to Share Your Wishes
As you work on establishing your documents, don’t forget to communicate your intentions with your family members and chosen proxies. Make sure they know how to access the most recent version of your advance directive, and share copies with your hospital network and doctors to keep on file.
Just like the rest of your estate plan, you’ll need to update your advance directive periodically after major life events or health changes.
Maintain Control Over Your Healthcare
An advance directive makes sure your medical wishes are known and honored, even if you’re unable to speak for yourself. It’s an often underestimated component of estate planning, but one that can provide assurance in a moment you and your family need it most.
Sources:
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
This material has been prepared in collaboration with Crystal Marketing Solutions, LLC, and has been edited with the assistance of artificial intelligence tools. The information presented is based on sources believed to be reliable and accurate at the time of publication. This material is for educational purposes only and does not necessarily reflect the views of the author, presenter, or affiliated organizations. It should not be construed as investment, tax, legal, or other professional advice. Always consult a qualified professional regarding your specific situation before making any decisions.
