A LIVING WILL is a legal document that tells others what your personal choices are about end-of-life medical treatment. It outlines the procedures or medications you want, or don’t want, to extend your life if you’re unable to communicate with the doctors yourself. This could be because you are unconscious from an accident or other event, in a medically-induced coma, or perhaps had a stroke or heart attack and on life support.
A living will is different than a medical power of attorney. A medical power of attorney appoints someone you trust to make medical decisions on your behalf, regardless of your physical or mental state. A living will is called different things from state to state. The term living will is sometimes used interchangeably with advance directive or advanced healthcare directive. Be sure to find out exactly which term is used in your state.
Living trusts are sometimes set up as conditions of a will. They may be created while the grantor is still alive. Grandparents might want to make distributions to their children and grandkids before they pass away. A living trust can also be created for the benefit of the grantor. A person might create a trust and receive regular payments for the rest of his or her life while financial benefits are also distributed to family members, friends, or charitable organizations.