In the realm of estate planning, understanding terminologies and legal nuances is vital. A living will, often referred to as an advance healthcare directive, is a legal document that lays out your desired healthcare instructions if you're ever unable to make these decisions yourself. It's necessary to distinguish a living will from a last will and testament, which governs the distribution of your assets after your death. Moreover, a living will is not the same as a living trust, which is a tool for managing your assets during your life and after your demise.
Living Will vs Power of Attorney
A living will and a Power of Attorney (POA) are distinct but integral parts of a comprehensive estate plan. A living will deals specifically with healthcare decisions, stating what kind of medical treatment you would prefer or avoid if you're unable to communicate your wishes.
In contrast, a POA allows you to designate a trusted individual (known as an agent) to make decisions on your behalf. This can encompass financial decisions, healthcare decisions, or both, depending on the type of POA you establish. It's critical to have both a living will and a POA as they complement each other and ensure your wishes are respected in a variety of situations.
Examples of a Living Will
A living will can include a broad range of healthcare decisions. For instance, you may provide instructions on:
- Life-prolonging treatments: You can specify whether you want treatments that don't cure you but can keep you alive longer, like ventilators or feeding tubes.
- Pain management: You can express whether you want to receive or not receive pain medication.
- Do Not Resuscitate (DNR) orders: You can convey your preference about whether or not to be resuscitated if your heart or breathing stops.
- Organ and tissue donations: You can state your wish to donate your organs and tissues upon death.
In essence, a living will forms part of your overall estate plan, offering 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 Kentucky can vary depending on the approach you choose. If you engage an attorney, costs can range from $200 to $500, depending on the complexity of your situation and the attorney's fees.
However, there are more cost-effective options available. Online platforms like Snug offer a straightforward and affordable way to create a legally valid living will. With Snug, you can draft a living will at a fraction of the cost of hiring 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 usually occurs when you are incapacitated due to an illness or injury. While a living will outlines your treatment preferences, a Medical POA appoints a person to make healthcare decisions on your behalf. These two documents often work hand-in-hand in an estate plan.
Hiring an Attorney to Make a Living Will
While it's feasible to create a living will on your own, hiring an attorney can be beneficial, especially if your healthcare wishes are complex. An attorney can offer legal advice tailored to your situation and ensure the document meets all legal requirements in Kentucky.
However, attorney services come with additional costs. If you feel confident creating a living will on your own and your healthcare wishes are straightforward, online solutions such as Snug can provide a cost-effective alternative. Snug offers an easy-to-use platform to create a living will that meets Kentucky's legal requirements.
Notarizing Living Wills
In Kentucky, your living will must be notarized to be legally valid. The notary public verifies your identity and confirms that you are signing the document voluntarily and without coercion. Notary fees in Kentucky are set by the state and can range from $2 to $5 per signature.
Witnessing a Living Will
Along with notarization, Kentucky 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 safeguarding your healthcare wishes and providing direction 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 a part of your comprehensive estate plan.
