When planning for the future, it’s common to hear about both living wills and living trusts, but these two legal tools serve entirely different purposes. Understanding their distinctions can help you make informed decisions for your estate and healthcare planning.
A living will is a document that outlines your medical wishes if you become incapacitated and cannot communicate your decisions. It specifies your preferences regarding life-sustaining treatments, resuscitation, and other medical interventions. Essentially, it’s focused on your healthcare and ensures your desires are respected, even if you cannot speak for yourself.
On the other hand, a living trust deals with the management of your assets. It allows you to transfer your property and other assets into a trust during your lifetime, with instructions for how those assets should be distributed after your death. A living trust can help you avoid probate, streamline the transfer of assets to your beneficiaries, and provide privacy since trusts do not become public record like wills do. It also allows for a smoother transition in managing your assets if you become incapacitated, as your designated trustee can step in to handle your affairs.
While both documents are valuable, they are not interchangeable. A living will is about healthcare decisions, while a living trust is about asset management and distribution. Depending on your personal circumstances, you may need one or both as part of a comprehensive estate plan.
At Grissom Law, LLC, we can guide you through the differences between a living will and a living trust, ensuring you have the right tools in place to protect your wishes and provide for your loved ones. Contact us today to schedule a consultation and take the next step in building a plan that protects both your wishes and your loved ones.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.