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What’s the difference between a will, a living will, and living trust?


Except for a last will and testament, most people don’t know what these instruments are all about, so I’m going to give you the easy explanations.

A Last Will and Testament is just what you think it is.  It’s the document that directs the disposition of your assets when you pass away.  What you might not know is that, in a will, you can also nominate guardians for minor children and appoint trustees to manage money left to minors and those with special needs.

A living will is not a will at all but an advance directive which indicates a person’s wishes in the event they are in a coma or vegetative state without hope of recovery.

A living trust is like a will but actual ownership of assets is transferred to a trust during a person’s lifetime.  Upon death, the trust document directs distribution of the assets.  Living trusts are not for everyone.  There are advantages and disadvantages.

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If you have questions about any of these documents, just ask.    Thank you for visiting the e-Lawyer law firm where we bring modern solutions to the legal world.