In the realm of estate planning, understanding the terminologies is key. A living will, also known as an advance healthcare directive, is a legal document specifying your healthcare preferences should you become unable to make those decisions yourself. This document is different from a last will and testament, which addresses the distribution of your assets post-death. Moreover, a living will should not be mistaken for a living trust, a tool for managing your assets during your lifetime and after your death.
Living Will vs Power of Attorney
A living will and a Power of Attorney (POA) are two separate, yet critical elements of a well-rounded estate plan. A living will is specifically concerned with healthcare decisions, outlining what kind of medical treatment you'd prefer or not prefer if you're unable to express your wishes.
A POA, on the other hand, allows you to appoint a trusted individual, known as an agent, to make decisions on your behalf. This can include financial decisions, healthcare decisions, or both, depending on the type of POA you create. It's crucial to have both a living will and a POA as they complement each other and ensure your wishes are respected in various situations.
Examples of a Living Will
A living will can define a broad range of healthcare decisions. For example, you may include instructions on:
- Life-prolonging treatments: You can specify whether you want treatments that don't cure you but can keep you alive longer, such as ventilators or feeding tubes.
- Pain management: You can state your preference for receiving or not receiving pain medication.
- Do Not Resuscitate (DNR) orders: You can indicate your preference about whether you want to be resuscitated if your heart or breathing stops.
- Organ and tissue donations: You can express your wish to donate your organs and tissues after death.
Essentially, a living will forms a crucial part of your overall estate plan, providing guidance to your family and healthcare providers about your medical treatment preferences.
Cost of a Living Will
The cost of creating a living will in Florida can vary depending on the method you choose. If you decide to hire an attorney, costs can range from $200 to $500, depending on the complexity of your situation and the attorney's rates.
However, there are more affordable options available. Online platforms like Snug offer a simple and cost-effective way to create a legally valid living will. With Snug, you can create a living will for a fraction of what it would cost to hire an attorney.
When Does a Living Will Go Into Effect?
A living will goes into effect when you are unable to make your own healthcare decisions. This typically happens when you are incapacitated due to an illness or injury. While a living will outlines your treatment preferences, a Medical POA names an individual to make healthcare decisions on your behalf. These two documents often work together in an estate plan.
Hiring an Attorney to Make a Living Will
While it's possible to create a living will on your own, hiring an attorney can be beneficial, especially if your healthcare wishes are complex. An attorney can provide legal advice tailored to your situation and ensure the document meets all legal requirements in Florida.
However, hiring an attorney comes with additional costs. If you are comfortable creating a living will on your own and your healthcare wishes are straightforward, online solutions like Snug can provide a cost-effective alternative. Snug offers an easy-to-use platform to create a living will that meets Florida's legal requirements.
Notarizing Living Wills
In Florida, your living will must be notarized to be legally valid. The notary public verifies your identity and ensures you are signing the document willingly and without coercion. Notary fees in Florida are set by the state and can range from $5 to $10 per signature.
Witnessing a Living Will
Along with notarization, Florida law requires two adult witnesses for a living will. These witnesses must be present when you sign the document. It's important to note that the witnesses cannot be related to you by blood or marriage, entitled to any part of your estate, or directly financially responsible for your healthcare.
Creating a living will is an important step in protecting your healthcare wishes and providing guidance to your loved ones. Whether you choose to use an attorney or an online platform like Snug, it's essential to create this document as part of your comprehensive estate plan.
