Before we discuss the pros and cons of a living will, I’ll provide a quick definition of what it is. A living will, also called an advance directive, is a legal document that allows an individual to state their wishes for end-of-life medical care if they cannot communicate those wishes. For example, someone has been in a car accident, and they are in a coma with little chance of recovery.
A poll conducted by Gallup in 2020 found that 45% of Americans have a living will, up from 40% in 2005. I suspect this is due to primary care physicians asking patients if they have one and encouraging them to do so if they don’t.
Let’s talk about the pros and cons of having a living will in Cincinnati.
Pros:
There are some significant advantages of having a living will (compared to NOT having one) that impact you and your family directly.
1 First, you can be assured your wishes will be known and honored. The medical treatments you want or don’t want in different situations will be listed for your healthcare providers. This means, for example, if you do not want to be put on life support when there is no reasonable hope of recovery, you won’t be. This alone can make a big difference regarding the assets you want to leave for your loved ones. Being kept alive artificially for an extended period can wipe out your assets quickly.
2 Another significant benefit is that by having your wishes in writing, your loved ones are relieved of the responsibility of making decisions on your behalf. It is a heavy burden, especially if they have no idea what you would have wanted. They can forever wonder if they made the right decision or not.
3 Your living will spells out clear instructions to healthcare providers, reducing the chances of confusion about what you want. Medical providers appreciate it when patients have provided this document in advance.
4 Last but not least, a living will helps to maintain control of the situation. If you don’t like the idea of decisions about your healthcare being made without your input, a living will is the answer.
Cons:
The disadvantages are few, and honestly, some would never be an issue.
1 Depending on the exact situation, your living will may not cover every possible medical scenario. It could leave some decisions needing to be addressed. That said, I contend, if you have a living will completed, it should provide the foundation for any unaddressed possibilities. So I don’t see this a significant issue.
2 Some individuals find that creating a living will is emotionally stressful. Of course, it is, as it directly addresses your end-of-life care. But, the advantages, particularly the benefits to your loved ones, should far outweigh the stress.
3 A living will needs to be a legally acceptable document. This is important. Otherwise, there is little point in creating it if the medical professionals question it. That’s why working with an estate planning attorney is so essential to ensure that it is clear and legally acceptable.
4 Last but not least, once you have completed a living will, along with all your estate planning documents, you should review it periodically (I recommend at least every three years) to ensure your wishes are unchanged. New medical advancements are happening periodically. Best to make sure your living will reflects what might be new situations because of that.
I advise my clients always to have an up-to-date living will as part of their estate plan. If not for yourself, then for your loved ones. Please don’t put the burden on them to guess what you might want to have done or not. Speaking of maintaining up-to-date documents, I offer a complimentary review of my client’s estate plans every three years to help ensure their plans are always in step with them. If you decide you want a living will or any other estate planning document, I’d be honored to help you. Call me at 513-399-7526 or visit my website www.davidlefton.com to learn more.