What is the difference between a Living Trust and a Living Will?

Full Question:

What is the difference between a Living Trust and a Living Will?
01/16/2017   |   Category: Trusts   |   State: ALL   |   #30362

Answer:

A Living Trust is made to transfer property and is often used to avoid probate. A person creates a living trust and transfers property to it. The trustee if the same person who made the trust or another person can be appointed. The trust or Memorandum of Trust should be recorded.  After the grantor or person who made the trust dies the assets can either be held by the trust with another trustee or disbursed depending on the wording of the trust.

A Living Will actually has nothing to do with Wills. It is a directive to medical personnel about what you want to happen if you are injured or otherwise on life support and not likely to recover.  In some states a Health Care Directive or Medical Directive is used instead of a Living Will.