Question ~ What Is the Difference Between a Living Will and a Living Trust, in Simple Terms?
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Answer: What is the difference between a living will and a living trust, in simple terms?
A Living Will should not be confused with a Living Trust, which is used to avoid probate court after your death. A Living Will is effective while you are still alive. A Living Will is also completely different from the conventional Last Will and Testament that you use to designate your heirs and dispose of your valuables after death.
A general form of a Living Will can say, "If I suffer an incurable, irreversible illness, disease, or condition and my attending physician determines that my condition is terminal, I direct that life-sustaining measures that would serve only to prolong my dying be withheld or discontinued.”
Here's how a Living Trust works. A trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. A Living Trust is simply a trust you create while you are alive. You can be the trustee of your own Living Trust, keeping full control over all property held in trust. If you have a Living Trust, after your death your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it. While you are alive, you are the trustee of the Living Trust, and you still control your assets. You can revoke or modify the Living Trust at any time during your life.
I hope life brings you much success.