Often, the title of a legal document sounds similar to other legal documents. This can create confusion for the client. Today we look at the difference between a Living Will and a Living Trust.
A Living Will is a type of advanced directive for health care. A Living Will allows you to determine what your end-of-life treatment will look like, when you have a terminal condition. The choices that can be made include use of mechanical respiration, ventilation, resuscitation, and artificial hydration and nutrition.
With this document in place, your true wishes will be carried out, and the decision is taken out of the hands of your loved ones.
A living trust is a document that places your assets into trust for your benefit during your lifetime and then is used to facilitate asset transfers after your death. A properly funded living trust avoids the need for probate.
When a living trust has been established, the successor-trustee you name is able to distribute assets to the beneficiaries upon your death and outside of probate. For most people there are significant advantages to a Trust over a Will
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