Living wills will be put in place for major financial institutions this summer when the Federal Reserve installs new guidelines.
Ben Bernanke, Chairman of the Federal Reserve, is set to appear before the Senate Committee on Banking, Housing and Urban Affairs where he will discuss the Dodd-Frank legislation on financial reform, according to The Street.
The Federal Reserve is teaming with the Federal Deposit Insurance Corp.
Underscoring the importance of discussing your wishes for end-of-life care and other advanced medical directives with your attorney and those closest to you, Washington State has discontinued its online living will registry due to budget cuts.
Living wills are typically obtained by individuals who are dealing with life-prolonging medical treatment and other issues they wish to have carried out should they become incapacitated. But a potential ruling by the Federal Deposit Insurance Corp. could force living wills on financial firms.
The resolution plans, or living wills, will give regulators of some of the largest U.S. financial firms a plan to follow in the event of another financial crisis.
Estate planning is a complicated yet necessary part of organizing the last years of life for many individuals. While each legal document is important for determining the allocation of money and property, setting up a living will helps to remove the complications that exist when a loved one is on his or her deathbed.
"Living wills are often used when one wants to make a declaration for a desire for a natural death," an attorney told ENC Today.
