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A living will is focused on what kinds of healthcare you accept or refuse in the event of your incapacity, while a living trust is focused on managing assets and transferring them outside of...
Like a will, a living trust is a document you can use to name beneficiaries for your property. Beyond that, however, the two documents are distinct. The main feature of a living trust is that it appoints a trustee to manage and distribute trust property after your death, and this takes the place of the executor working with the probate court.
The main difference between a last will and testament and a living trust is whether they take effect before or after death and whether they go through probate.
Key Takeaways. A will is a simple legal document that provides instructions on how to distribute property to beneficiaries after death, while a trust is a complex legal contract that allows you to transfer your property to an account to be managed by another person.
Living trusts and wills are two important estate planning tools. We break down how each works to preserve and pass along your wealth.
Despite having similar names, Living Wills and Living Trusts are quite different. A Living Will, as we’ve explained, exists to make sure your wishes regarding end-of-life care are legally documented. There are many types of Trusts, but a Living Trust lets you manage your estate while you’re alive.
What is a living trust? A living trust is a type of revocable trust used in estate planning that allows you to manage assets during your lifetime and beyond. When you establish a living trust, you can act as your own trustee or name someone else to assume that role.