What is the difference between a living trust and a living will?

A living trust and a living will are both estate planning tools used to help individuals and families prepare for the future. However, there are some key differences between the two. A living trust is a legal document that transfers ownership of an individual’s assets to someone else, known as a trustee, upon death. This document allows individuals to decide who will receive their assets and how they will be distributed. In Arkansas, living trusts are regulated by state law. A living will is a legal document that allows individuals to express their wishes regarding the medical care they would receive if they become unable to make decisions for themselves. This document can also be used to appoint an individual to make medical decisions for you if you become incapacitated. In summary, a living trust is a document used to transfer ownership of an individual’s assets upon death, while a living will is a document used to express wishes regarding medical treatment. Both of these documents are essential components of estate planning law in Arkansas.

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What is the difference between a living trust and a living will?

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