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

A living trust and a living will are two different legal documents used for estate planning in West Virginia. A living trust is an estate planning tool that, when properly created and funded, allows the transfer of property to intended beneficiaries without going through the probate process. It is a legal document that establishes a fiduciary relationship in which one person, the trustee, manages assets owned by another, the grantor. Through the trust, the grantor can determine who will receive benefits, when they will receive them, and under what circumstances they will get them. A living will, on the other hand, is a document that outlines healthcare decisions a person would like to make if they become too ill to make them themselves. It is a legal declaration that states what medical treatments and procedures should, or should not, be done in certain situations—such as in the event of a coma or a vegetative state. With a living will, a person can specify in advance how they would like to be cared for. Living trusts and living wills are both important estate planning documents, but their functions are different. A trust is used to allocate and manage assets, while a will is used to specify a person’s wishes regarding medical treatments. Both documents can help ensure that a person’s wishes are followed and their wishes are respected.

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

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