How Is a Living Trust Different from a Living Will?

You may assume that a living trust and living will accomplish the same estate planning goal, just with contrasting benefits and advantages. However, they actually may address two totally separate parts of your plan. With that being said, please follow along to find out how a living trust is different from a living will and how a proficient Putnam County trusts attorney at the Law Office of Andres D. Gil, PLLC, can help you choose which one to incorporate into your plan.

How does a living trust differ from a living will?

For one, with a living trust you may manage the assets you place in your trust during your lifetime, and then control how they will be distributed amongst your designated beneficiaires upon your passing. And so, you maintain authority over your financial property by remaining the trust’s trustee, and then appoint a successor trustee to serve this role once you become incapacitated or pass.

On the other hand, a living will allows you to instruct on your medical care preferences, to your treating healthcare providers and your loved ones alike, in the event that you are unable to communicate them due to your incurred illness or injury. And so, you are in charge of your healthcare decisions until you become incapacitated, in which your named healthcare proxy will step in.

Which one should I choose to establish in my estate plan?

To reiterate, your living trust and living will may cover two individual facets of your life and legacy. The former covers your finances, while the latter works to protect your medical well-being. This means that one does not replace the other. Therefore, you should not necessarily choose between the two, but instead establish both in your estate plan. At the end of the day, most estate planning attorneys would recommend having both to ensure a complete, comprehensive plan.

A better clarifying question may be whether you should choose to establish a living will over a traditional Last Will and Testament document. Well, the short answer is no, as a standard will covers issues that a living will, and even a living trust, simply cannot. Namely, a living will only addresses your medical care preferences, but not what happens to your personal belongings, who becomes the guardian of your minor children, etc.

Further, you may choose a pour-over will if you have established a living trust. This estate planning tool may essentially serve as a safety net for any property and assets you forgot to or never had the opportunity to transfer into your living trust fund during your lifetime.

We understand that you may not want to deal with any of this right now, but it must be addressed for your and your loved ones’ sakes. So please allow a talented estate planning attorney in Putnam County, from the Law Office of Andres D. Gil, PLLC, to make this legal process less burdensome for you overall. We will be happy to help and give you much-needed relief.