There is no single correct way to do estate planning. Each estate plan should be carefully curated to each individual’s needs and priorities. Nevertheless, individuals must consider all possible components that may benefit their estate. One of the components of estate planning one should consider is medical directives.
What is a medical directive?
A medical directive, also called an advance directive, is a legal document outlining one’s preferences related to medical care. It is also known as a living will. It is an instruction for what to or not to do in the event that the author of the directive can no longer speak for themselves. This can cover treatment, medications and artificial life support.
It is good to note that authors can revoke their medical directives at any time. A medical directive can be revoked by destroying the document, creating a revocation statement and verbally stating your intention to revoke.
Why is it important?
Making critical decisions can lead to stress and potential conflict among involved parties. If anything happens to you which would warrant your loved ones to make a medical decision, your directive can speed up the decision process and avoid further confusion. Moreover, having a medical directive can help avoid unnecessary procedures and hospitalizations which you might not want in the first place. It guides medical professionals as to what to do in case you are terminally ill, in a coma or nearing the end of life.
Understanding the importance of estate planning tools, such as medical directives, can help individuals determine the best arrangements for them and build their estate plans according to their research.