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

A living trust and a living will are two different types of estate planning documents. A living trust is a type of document that places assets into a trust to be managed by a trustee. This trust can be revocable or irrevocable and can be used to distribute assets to beneficiaries after death. These trusts are created while the person is still living, hence the name ‘living’ trust. A living will, on the other hand, is a document that gives directions on the medical care of a person’s wishes should they become incapacitated. This will is used if the person is unable to make health care decisions for themselves due to an illness or accident. It may instruct loved ones on when to withdraw life support or to refuse treatments that would only prolong the person’s life, but not improve their quality of life. In conclusion, a living trust and a living will are two separate estate planning documents that serve different purposes. A living trust is used to manage a person’s assets while they are alive, while a living will is used to dictate a person’s medical care wishes should they become incapacitated. It is important to understand the differences between the two documents for the purpose of protecting oneself and loved ones during estate planning in Delaware.

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

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