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.
Living Will
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.
Living Trust
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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Need Help Now?
If you have already learned enough to know that it is time to work with a Fayetteville, AR estate planning lawyer to put a plan in place, our doors are open. We can gain an understanding of your situation and help you create a personalized plan that suits your needs.
To schedule a consultation appointment give us a call at 479-443-0062. If you would prefer to send us a message, fill out our contact form and we will get back in touch with you promptly.
Audra has received extensive training from the American Academy of Estate Planning Attorneys, a national organization. She is one of 8 attorneys currently serving on the Academy’s Board of Governors.
Audra and her husband Ernie have two children, Ellyn and Coleman. They enjoy traveling, auctions, and owning a gift and antique store in historic Prairie Grove, Arkansas. The whole family enjoys Razorback sports.
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