what is a living will? simply stated; it is a declaration by a component person that if they become mentally or physically ill with no prospect of recovery that procedures designed to prolong life will be withheld. it gives a surviving relative the power to decide if life support should be given or not to one who has no chance of surviving an accident. it gives a person the ability to divide up his inheritance while he is well enough to make decisions. it is a legal document stating how your assets are to be disturbed upon your death.