While living wills and living trusts are both important estate planning documents, they serve two entirely different purposes. One details a person’s wishes for end-of-life care, while the other is a method for transferring assets to beneficiaries. To get a clear understanding of the differences between a living will and a living trust, take a look at the brief guide below.

A Living Will

A living will is an estate planning document that a person uses to detail how they would like to be cared for should they become incapacitated as a result of illness or injury. It is not the same thing as a will, which is a document that outlines how you would like your assets to be distributed after you pass away. 

If you end up in a situation in which you cannot make medical decisions for yourself, having a living will takes the burden off of loved ones who may not know your preferences when it comes to things like organ donation, life support, or palliative care. This document is also helpful for your own peace of mind, as it legally ensures your medical wishes will be followed.

A Living Trust

Similar to a will, a living trust is an estate planning document that’s used to transfer assets. There are two types of living trusts: revocable and irrevocable. In a revocable living trust, you maintain control over all of the assets in the trust and can continue to use them while you’re still alive. Whatever remains after you pass away is then transferred to the designated beneficiaries.

In an irrevocable living trust, you relinquish all control of your assets upon transfer. They are no longer considered a part of your estate, which is why they don’t have to pass through probate for your beneficiaries to acquire them when you die. 

For more information on living wills and living trusts, contact Stuart R. Norman Jr. in Jewett City, CT. Since 1974, this seasoned attorney has been providing individuals throughout New London County with expert estate planning services, ensuring their wishes are properly carried out. Visit his website to learn more or call (860) 376-0069 to schedule a consultation today.