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

Estate planning law in Kansas deals with the legal process of preparing and determining the distribution of a person’s assets upon their death. Two common legal tools used to manage this process are a living trust and a living will. A living trust is a document that is created while a person is living, specifying how their assets should be managed and distributed upon death. The person creating the trust is called the Grantor and may appoint someone else to manage the trust and assets, known as the Trustee. This legal document helps to avoid court intervention and can also help minimize estate taxes and protect assets from creditors. A living will, on the other hand, is a document that specifies how a person wants their medical treatment to proceed if they are unable to make decisions themselves due to illness or injury. It allows a person to outline the type of medical treatments they would want or not want, based on their personal preferences, as well as assign someone to make decisions on their behalf if needed. Overall, the main difference between a living trust and a living will is that a living trust is focused on asset distribution and estate planning, while a living will is focused on medical treatment. Both documents are important tools to help ensure a person’s wishes are followed in the event of their death or incapacity.

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

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