WILLS
What is a Will?
Why you should have a Will.
The differences between a "Will", a "Living Will" and a "Living Trust"
The Difference between a "Will", a Living Will"
and a "Living Trust"
and a "Living Trust"
Many people ask me ‘what is a “Will”, a “Living Will”, or what is a Living Trust.’ Are they the same? How do they compare with each other?
A “Will”, more formally known as a “Last Will and Testament”, states how property is to be distributed at death. It directs the transfer of property in the probate estate from a person who is dead to the beneficiaries named in the Will. It must have certain important clauses and be executed according to local law.
A “Living Will” tells whether a person wants to be kept alive by life sustaining procedures if they are in a terminal physical condition. It may be part of a durable power of attorney for health care. Certain jurisdictions have specific laws governing these documents. It is one of several important documents when preparing for disability.
A “Living Trust” is a revocable trust that is created and funded during the life of a person. Legal title to the properties involved must be transferred to the trust. If the creator of the trust (the settlor or grantor) becomes incompetent, the successor trustee can manage the properties held in the trust for the benefit of the incompetent. A Living Trust is an excellent way to protect oneself in the event of sickness. You appoint a person you know who is honest, trustworthy, and competent. It must be properly established and fully funded.
Use a competent lawyer who is familiar with the local law where you live to prepare these documents for you.
