Wills, Living Wills, and Living Trusts: What Do They Mean?   

An average person who is not really familiar with a will, a living will, and a living trust may easily confuse one for the other.  All of these are important legal documents and as such, need to be understood well by every adult. In order for you to know which one is most suitable for your needs, it is best to know the distinct features of each.

First, a simple will is made up of a bequest that indicates how your assets and estate is to be disseminated after you die. In drawing your will, you have to indicate the person who you appoint as the administrator of your assets. An executor is the one who will be in charge of acquiring and distributing your properties to the beneficiaries (i.e spouse, children, and grandchildren). In addition, you may also include in the will the guardians of your children in the event that you pass away. In most states, a simple will needs to go through probate court. Being so, a will can take a little while before it gets validated, most especially if there are disagreements among parties. For this reason, it is very important that you make clear directives over your wishes.

Alternatively, a living will is not really a ‘will’ by definition. A living will is a legal document that indicates your instructions to your family, physician, and health care provider whether or not you want to be kept alive via life support or any artificial life-sustaining medical treatment. In the event that you become terminally ill or injured, a living will becomes the basis of your physicians and family members regarding your hospitalization and other issues such as limits to funeral and medical costs. A living will can take the burden off from your loved ones when it comes to making hard decisions about your medical treatment in the event that you have an incurable disease and can’t make a decision for yourself.

For most people who are ignorant of the facts, a regular will and a living trust are one and the same. However, there is a big difference between the two if you consider the implications of each. First, unlike a regular will, a living trust allow for revisions to be made even after it has been written. There is also no need to pass through probate court first before your assets can be transferred to your beneficiaries after your death. Since there is no involvement of the probate court, your wishes and asset designation can immediately be implemented.  Your loved ones will also be saved from a tremendous amount of stress, time, and money.

 So, do you really need all of these documents? While it may seem like having all of these three is too much for one person, it may be wise to be prepared nonetheless. You can easily draw wills on your own, but of course, it would still be best if you hire an attorney. If you have a complicated estate and a multitude of highly valuable properties, get an attorney to assist you. Otherwise, you can easily commit mistakes, make vague wishes and intent, and thus invalidate your will.