What is the difference between a Living Will and a Living Trust?

What is the difference between a Living Will and a Living Trust?

A Living Will details the health care that you want if you end up on life support.

A living will, also called a health care directive, gives you the power to take control over what medical treatment you do or don’t want administered, in the event that you become unconscious or incapacitated.

To learn more about health care directives, watch this short video.

A Living Trust (also known as a revocable living trust) is created during an individual’s lifetime where a designated person, the trustee, is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary.

A trust is a legal document that you create during your lifetime. Just like a will, a  trust spells out your wishes with regard to your assets, your dependents, and your heirs. A trust can bypass the costly and time-consuming process of probate. This lets your successor trustee (who fills basically the same role as an executor of a will) to carry out your instructions as documented in your trust at your death. Your  successor trustee also steps in if you’re unable to manage your financial, healthcare, and legal affairs due to incapacity.

How do you know if you need a will or a trust? 

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