If you’re thinking about the estate planning tools that you want to utilize, you’ll likely consider the use of a living trust or a living will. It’s important to understand that these documents are very different and are used for different reasons. While not everyone may choose to create a living trust, most people choose the use of a living will. Take a look at the following information, to better understand these planning tools. If you have any questions, or if you’d like to create a living trust or a living will, contact an estate planning attorney.
What are the benefits of a living trust?
A living trust is a planning tool that allows you to accomplish a number of things. For one, it allows you to have full control over your assets during your lifetime, even during incapacity. Second, if used correctly, it also allows the assets in your trust to avoid probate. Third, you can include special needs planning, charitable planning, pet planning, legacy planning, asset protection planning, and bloodline protection planning in your trust.
Why would I want to use a living will?
A living will is an estate planning tool that allows you to make important end of life decisions ahead of time. If you become incapacitated and are in an irreversible coma or a persistent vegetative state, this document is used to determine the medical treatment that will be permitted and that which will not. Many people use this document to outline their wishes regarding the use of life support. If you don’t want to remain hooked up on machines in order to live, then you want to create this planning document.
Make sure that you understand the differences between these important documents. This will allow you to create a plan that fits in with your needs and goals. If you have any questions, or if you’d like to create a living trust or a living will, consult with a qualified estate planning attorney.