What is the main purpose of a living will?

The main purpose of a living will is to outline medical treatment preferences. A living will is a legal document that allows individuals to specify their wishes regarding medical interventions in case they become incapacitated and are unable to communicate their decisions. This document typically addresses scenarios such as life-sustaining treatments, resuscitation efforts, and palliative care options that the individual desires or wishes to avoid in specific medical circumstances.

By clearly articulating these preferences, a living will helps ensure that healthcare providers and family members understand the person's wishes, thus guiding medical decisions in accordance with their values and desires. This can provide peace of mind to both the individual and their loved ones during difficult times when critical healthcare decisions need to be made.

The other options refer to different aspects of estate planning or financial management. Allocating financial assets after death pertains to wills and trusts, while appointing a financial power of attorney relates to financial decision-making authority rather than medical preferences. Managing estate taxes effectively involves strategies related to the distribution of an estate after death, which is unrelated to the immediate medical decisions outlined in a living will.