What's the Difference!?

What's a Will? . ..What's a Living Will? . ..What's a Living Trust?

A Will, Living Will, and Living Trust are all important legally binding documents. Every adult should carefully consider the advantages of each and fully understand the details of these documents. To take charge of this aspect of your life and help guide your loved ones should a crisis strike your family, extra planning should be taken into consideration. By planning and executing the proper legal documents, you can ensure that your loved ones are taken care of and that your wishes are respected in the event of a healthcare emergency or death. If you do not have a plan in place, your property after death--and the power to make decisions about your health, welfare, andfinances if you become incapacitated--will be in the hands of your biological relatives. Your wishes may not be honored.

What is a Will? A will is a legal document which dictates how your property is to be distributed after death, according to your wishes. It may also designate guardians for your children. Upon your death your will must pass through probate court before your estate can be distributed to your heirs. It is estimated that 60% of Americans over the age of 50 have a will. ..what about the other 40%?? Without a will, the state will determine who will receive your property, and a judge may decide who will raise your children.. .

What is a Living Will? A living will is a legally binding document that dictates one's wishes about certain kinds of medical treatment and life prolonging procedures in the event of a terminal illness. By limiting treatment, a living will sets limits on hospital bills which can drain and even wipe out your assets to the point that there is little left in your estate for your heirs. This document takes effect when you cannot communicate your own healthcare decisions.

What is a Living Trust? A living trust is an arrangement under which one person, called a trustee, holds legal title to property for another person, called a beneficiary. You can also be trustee of your own living trust, keeping full control over all property held in trust. A living trust is one that is created while you are still alive, rather than one that is created at your death under the terms of your will. An advantage is that upon your death, your property automatically goes to your heirs without going through probate court which can be time consuming and expensive. A living trust is not intended to be a replacement for a will, but as an addition to your will and a living trust can be revoked at any time. Approximately 23% of Americans over the age of 50 have created a trust...