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

The main difference between a living trust and a living will is the purpose they serve. A living trust is a legal document that allows you to set up how your assets will be managed and distributed after your death. It is a tool to help you manage your estate during your life and when you no longer can. It also avoids probate court. A living will, on the other hand, is a document that expresses your wishes regarding health care decisions if you become incapacitated and unable to make decisions for yourself. This document is also known as an advance medical directive. It allows you to state what medical treatments you would and would not want, who you would want to make decisions for you, and any other choices you want to make regarding your care. In summary, a living trust is used to manage your assets after your death and a living will is used to detail your wishes regarding your medical care should you become incapacitated. Both are important estate planning tools in Maryland. While a living trust is created during your lifetime, a living will is usually created in the event that you become incapacitated and unable to make decisions for yourself.

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

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