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Living Wills
Money Matters Question
Q. Recently a family member back home took ill and it caused my husband and I to wonder about a document that we understand was recommended to our family member: the Living Will. We each have drafted our Last Will and Testament which covers our worldwide assets. Isn’t this the same thing?
Jennifer
A. Generally speaking, a Living Will allows you to name a person who can make health care decisions for you when you can’t make or communicate them yourself, the kind of medical treatment you want or don’t want, how comfortable you want to be and what you want your loved ones to know. A Living Will should not be confused with a Last Will and Testament which will, generally speaking, distribute your assets as you direct on your death.
As with all wealth transfer and estate planning documentation, the biggest challenge for expatriates is the fact that the definitions of certain terms vary between jurisdictions as does the acceptance of provisions written in these documents. In the USA there is a distinction between the Living Will and the Durable Power of Attorney for Health Care with the former being drafted to address deathbed considerations (like whether you wish or do not wish life-prolonging measures be discontinued when there is no hope of recovery). The Durable Power of Attorney for Health Care would be used to appoint someone to make all healthcare decisions, limited by certain elections made via a Living Will. Outside of the United States, the terminology and what is legally enforceable will vary from jurisdiction to jurisdiction. In fact, the Living Will instrument is not legally valid or recognized by all jurisdictions.
Despite the increasing proliferation of websites offering legal documents at very low cost this is not a ‘do-it-yourself’ area. With every border crossing, a review of your situation and documents must be conducted with appropriate specialists to inform you whether the drafting of country specific legal documents that take your overall financial plan into consideration must be carried out.
Jennifer A. Patterson, CFP® (US), CIMC™, CIMA® is Vice President of Patterson Partners Ltd., an international wealth management firm that specializes in cross-border financial planning.
Disclaimer: This column is intended to be of general interest to ExpatWomen.com visitors. Its suggestions and/or inferences are generalisations and do not address the needs of individuals, nor should they be relied upon in any shape or form. Please seek professional advice/counselling/therapy If you genuinely need assistance to talk through issues in your life right now.
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