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

A Living Trust and a Living Will are both important estate planning documents that can help you manage your estate and provide direction for your loved ones after you pass away. A Living Trust is a legal document that allows you to place property, assets, and other valuable items into a trust to be managed by a trustee you appoint during your lifetime. The trust terms are outlined in the document, setting out how the assets are to be distributed upon your passing. A Living Will is a document that helps you to express your wishes in the event that you become seriously ill and are unable to make decisions for yourself. Through this document, you can designate someone to make important health care decisions on your behalf in the future. The main difference between a Living Trust and Living Will is that a Living Trust allows you to manage your assets and property during your lifetime, whereas a Living Will only takes effect upon your death. Additionally, a Living Will does not give another person control over your assets, and the funds are distributed according to the instructions you have laid out in the document. Living trusts typically provide a greater level of flexibility and control over how and when your assets are distributed.

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

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