Living Trust and Living Will: What’s the Difference?

If you have heard of living will and living trust already, your next question might be; what’s the difference? To clear out some issues and to give you some ideas in regards to what you should prioritize, go ahead and read the article.

First of all, living will concerns your health while living trust is for your assets and properties. You create living will since you wanted to take out the burden from your family in regards to decision making if you are already in a vegetative state. Your will should be followed since it is a legal document. If you cannot speak for yourself or if you are in a vegetative state; your will should be applied. This is perfect for everyone, as recommended by President Obama. It is a way to secure your family in the event that you will have health problems that are beyond cure.

On the other hand, living trust concerns your assets and properties. This means that even if you are alive, you already plan who gets what. Your family will avoid fighting for a particular piece of something if you die since the document will be applied. It will also avoid longer court processes as the document will immediately be followed. This will also help you avoid paying for taxes and other fees that could take away 5% or more from your original account.

In short, both living trust and will are important. You do all these while you are still alive. This will help you so that in the future, problems will be avoided. If you can take care of all these now that you are still alive, it would be less problematic soon.

You can start finding lawyers online, along with a divorce online lawyer if you also have such a concern.