Many times, living will and living trust may seem a bit strange and they can be used interchangeably. It is wrong when it is used that way. You must understand that a living will is very different from a living trust. They share similar features but still, you should know about their exact definitions so that you’ll be able to use both of them in the right way.
A living trust is a written legal document that can take the place of a will. It allows you to place all of your assets in a trust to administer as long as you live. You can get more information about living trust via https://familytrustsandwills.com/living-trusts/.
In the establishment of the trust, you may want someone to serve as trustee. You should think about the future when it would be better if you select a trustee.
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When you are incapacitated or die, the successor trustee you have named will act similarly to as an executor of a will. The functions include pay all outstanding debts, claims against the trust and distribution of the trust assets according to your written orders.
A living trust is generally not considered a priority and not everyone would benefit greatly from it. A living will is a legal document that clearly states what your wishes are regarding any decision to make health care if you are incapacitated by a terminal illness.
A living will and a living trust certainly differ in many ways. Although a living will is appropriate usually for almost everyone, a living trust should be studied and applied generally to a base case by case.