Welcome to Part 3 of our Planning for the Future Series. In this installment, we will address the significance of a living will in Texas. A living will is a vital component of comprehensive estate planning as it allows individuals to express their healthcare preferences and end-of-life decisions. Understanding the purpose, benefits, and key considerations of a living will is essential for ensuring that your medical wishes are honored during challenging times. So, let's explore the specifics of this important document.

What is a Living Will?

A living will, also known as an advance directive, is a legal document that allows individuals to outline their healthcare preferences and instructions for medical treatment in the event they become unable to communicate or make decisions themselves. It provides guidance to healthcare providers and loved ones regarding the individual's desired medical interventions or limitations.

Purpose and Benefits of a Living Will

A living will serves several important purposes, including:

1. Healthcare Decision-Making: A living will enables individuals to have control over their medical treatment decisions, ensuring that their wishes are respected, even if they are unable to communicate or make decisions at the time.
2. End-of-Life Care: It allows individuals to express their preferences regarding life-sustaining treatments, such as the use of artificial respiration, feeding tubes, or resuscitation efforts.
3. Alleviating Burden on Loved Ones: By clearly outlining their healthcare preferences in a living will, individuals can help reduce the emotional burden on their loved ones, who may otherwise face difficult decisions during challenging times.

Specific Requirements of Living Wills

In Texas, living wills are governed by the Texas Health and Safety Code, Chapter 166. To be legally valid, a living will must meet specific requirements, including:

1. Competency: Generally, the individual must be of sound mind and at least 18 years old when executing the living will.
2. Voluntary Execution: The living will must be created voluntarily, without any undue influence or coercion from others.
3. Written Form: The living will must be in writing and signed by the individual or by someone else at their direction, in their presence, and in the presence of two or more competent witnesses.

Communicating Your Wishes

It is crucial to communicate your living will and healthcare preferences with your healthcare providers, family members, and appointed healthcare agent. Keep a copy of your living will readily accessible and provide copies to the relevant parties, ensuring that they are aware of your wishes in advance.

Conclusion

In this third part of our Planning for the Future Series, we have explored the significance of a living will in Texas. By creating a living will, individuals can ensure that their healthcare preferences and end-of-life decisions are respected, even when they are unable to communicate their wishes. In Part 4 of the Planning for the Future Series, we will address the following question: What are the basic medical planning documents?

Please note that this blog post is intended for informational purposes only and should not be considered legal advice. If you require assistance with Texas estate planning, consult with a qualified estate planning attorney to ensure compliance with applicable laws and protect your interests.

Make an appointment for a free consultation to speak with the Provident Financial Planning team of Certified Financial Planner™ and JD/CPA tax experts, so we can advise you on how to implement an investment, tax, and legacy strategy that is tailored to you.

Schedule an appointment.

In His Name,

Zachary J. Montgomery, JD, CPA, CFE

zachary@providentfp.com

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