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If you’ve ever had a major medical procedure at a hospital, chances are you’ve at least heard of advanced medical directives. Advanced directives are intended to reduce uncertainty in what can be an otherwise trying time for your loved ones.

A liquid asset is cash on hand or an asset that can be quickly converted into cash. They may be referred to as cash equivalents because the owner is confident the assets can easily be exchanged for cash at any time. The asset must meet several requirements before it can be considered liquid.