If you’re new to estate planning, you may have some confusion about what the difference between a living trust and what a living will is. These estate planning document are important; and, they each serve their own purpose.
Take a look at the information below to learn more. If you have questions about these documents, or if you’d like to create a living trust or a living will, meet with a qualified estate planning attorney.
What is a living trust?
A living trust is a legal document that allows you to manage your assets during and after your lifetime. With this tool, you decide how your assets will be distributed and to which beneficiaries.
A revocable living trust is able to be changed at any point during your lifetime so long as you are alive and well. That’s what “revocable” means.
The assets in your trust are private and avoid the lengthy and costly process of probate.
Additionally, you can appoint a trusted helper who will have access to your living trust assets if you ever become incapacitated.
What is a living will?
A living will is a legal document that outlines your medical wishes regarding end of life medical matters. This includes discussing the types of treatment and procedures that your consent to.
This is a great way to ensure that you have a say in your medical future. You’re able to make changes to your living will at any time you are alive and well.
Without a living will, you may have no say in your end of life medical treatment. They’re both called “living” because you benefit from them during your lifetime.
As you can see, both a living trust and a living will are beneficial estate planning documents that you may want to consider utilizing. If you have any questions or if you’re ready to start your planning, consult with a qualified estate planning attorney.