Definition
Living Will
A living will is a document in which a person sets out their wishes regarding medical treatment in case they become unable to communicate or make decisions in future.
Unlike an ordinary will, which deals with assets after death, a living will (an advance medical directive) concerns healthcare while alive — for example, refusing certain life-prolonging interventions in a terminal condition. Following Supreme Court rulings in India, advance directives have been recognised, with procedures evolving for their execution and use.
A living will spares family the burden of guessing your wishes during a medical crisis and helps ensure your preferences about treatment are respected. It is an increasingly relevant part of holistic estate planning, distinct from but complementary to a financial will and a power of attorney.
Related terms
- Will (Testament)A will is a legal document in which a person states how their assets should be distributed after death and who should carry out those wishes.
- Power of AttorneyA power of attorney (POA) is a legal document by which one person authorises another to act on their behalf in financial, property or other matters.
- Estate PlanningEstate planning is the process of arranging how your assets will be managed and distributed during your lifetime and after death, to carry out your wishes and ease the path for heirs.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.