​​​Understanding Living Wills: A Guide to Future Care

A living will is a written, legal document that outlines your preferences for medical treatment if you become seriously ill or incapacitated and are unable to communicate your wishes. It is a proactive step in advance care planning that ensures your personal values and care choices are respected, even when you cannot speak for yourself.

What is the Purpose of a Living Will?

The primary purpose of a living will is to ensure you receive the medical care you want—and avoid the treatments you do not—during end-of-life or critical scenarios.

Key Purposes Include:

• Ensuring Personal Autonomy: It guarantees that your medical treatment aligns with your values, beliefs, and quality-of-life preferences.

• Reducing Family Burden: It relieves loved ones from having to guess your wishes during emotional, high-stress situations, reducing potential family conflict.

• Guiding Medical Professionals: Doctors rely on this document to make decisions about using or withholding life-sustaining treatments.

• Providing Peace of Mind: It gives you certainty that your voice is heard, regardless of your future health status.

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What Does a Living Will Cover?

A living will focuses on medical interventions meant to prolong life in situations such as terminal illness, permanent coma, or persistent vegetative state.

Common scenarios and treatments addressed include:

• Cardiopulmonary Resuscitation (CPR): Whether to attempt resuscitation if your heart stops.

• Mechanical Ventilation: Use of breathing machines.

• Artificial Nutrition and Hydration: Using feeding tubes and IV fluids.

• Palliative Care: Pain management and comfort care.

• Organ Donation: Instructions regarding organ or tissue donation.

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Living Will vs. Last Will and Testament

It is important to understand that a living will is not the same as a last will and testament.

• Living Will: Effective while you are still alive but incapacitated.

• Last Will & Testament: Effective only after death; handles assets and property distribution.

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When Should You Create One?

While often associated with older adults, a living will is recommended for all adults regardless of age or health status, as unexpected accidents or illnesses can occur at any time. It is advisable to review and update your living will periodically, particularly after major life events such as a diagnosis, marriage, divorce, or a move to a new state.

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Download a Living Will here:

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Protecting Financial Assets From Probate

POD & TOD Simple

This guide summarizes how Payable on Death (POD) and Transfer on Death (TOD) designations act as "direct flights" for your assets, allowing them to skip the long and expensive court process called probate.

 

The Simple Guide to POD and TOD for Estate Planning

1. What are they?

In one sentence: POD and TOD are "automatic transfer" labels you put on your bank and investment accounts so your money goes directly to your chosen loved ones the moment you pass away.

 

• POD (Payable on Death): Used for bank accounts (checking, savings, CDs).

• TOD (Transfer on Death): Used for investment assets (stocks, bonds, brokerage accounts) and, in some states, real estate and vehicles.

 

2. Critical "Need to Know" Facts

 

• They Overrule Your Will: A POD/TOD designation takes legal precedence over your will. If your will says "split everything equally" but your POD names only one person, that person gets the whole account.

• Bypasses Probate: Assets move directly to beneficiaries, usually within weeks, rather than months or years.

• No Access While Living: Beneficiaries have no rights to your money while you are alive. They cannot see your balance or withdraw funds.

• The Incapacity Gap: These only trigger at death. If you become ill or incapacitated, a POD beneficiary cannot help manage your money unless they also have Power of Attorney.

 

3. Who Needs a POD/TOD?

Best For...

Should Avoid...

Simple Estates: Single-heir households or spouses.

Minor Children: Banks cannot pay minors directly; this leads to court delays.

Privacy Seekers: Keeps your account values out of public court records.

Special Needs Heirs: Large payouts can disqualify them from government benefits (Medicaid/SSI).

Immediate Cash Needs: Ensures heirs have money for funeral costs and taxes.

Complex Debts: If your estate owes a lot of taxes, your executor may lack the cash to pay them.

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4. Setup Checklist

1. Inventory Accounts: List all bank and brokerage accounts.

2. Gather Data: Collect the Full Name, Birthdate, and Social Security Number for each beneficiary.

3. Name Backups: Always name a Contingent Beneficiary in case your primary choice dies before you.

4. Submit Forms: Request "POD/TOD Designation Forms" from your bank or use their online "Beneficiaries" portal.

5. Confirm: Keep a copy of the confirmation in your records and tell your heirs where it is.

 

5. How Heirs Claim the Money

To get the funds, your beneficiaries will typically need:

• A Certified Death Certificate (original with raised seal).

• Valid Photo ID (Driver’s license or Passport).

• Claim Forms: Specific to that bank or brokerage.

• New Account (for TOD): Brokerages often require the heir to open a new account to receive the transferred stocks or bonds.

 

6. Account Compatibility

• YES (Use POD/TOD): Checking, Savings, CDs, Individual Brokerage Accounts, Stocks/Bonds.

• NO (Uses different rules): IRAs/401ks (use built-in beneficiary forms), Life Insurance (uses its own forms), and Joint Accounts (the surviving owner automatically takes control first).