Difference between a Living Will, a Will, and a Living Trust
To begin with, a living will, a will, and a living trust all are significant tools used in estate planning (the process of planning for future management of assets of a person’s estate in case of incapacitation or death). As mentioned, all three serve different and significant individual functions. Any person who is planning to take one or all of those three should appropriately consult a lawyer or a qualified professional prior to coming up with any important decisions about documents to use.
There is a huge difference between a living will and a last will and testament. In particular, a living will is an authorized and legally binding directive to healthcare providers or doctors to either implement/ apply or prevent/ withhold any specific life-sustaining treatment or procedure in case that person gets terminally ill or experiences an irreversible health condition that would certainly require tedious and incessant life support. The living will would name a person who would be assigned to act as the Medical Power of Attorney. That assigned person would decide and receive private medical data about the patient. In this way, the living will becomes a strategy to curtail or control medical, hospital, and even funeral costs that could easily dry up or drain as estate.
On the other hand, a last will (more popularly known simply as ‘will’) is also a legal document that is duly signed by a person in the presence of a legal witness who describes how that person wishes his assets and wealth to be divided by family and descendants upon death. The will is also containing a designation of a person who is legally authorized to administer every personal affair upon death of the person (or estate owner). The designated person is a lawyer also called an Executor. Most opulent people are advised to have a will at hand. In fact, some wealthy individuals start to write their will early in life and subject that testament to numerous modifications and changes as time goes on.
The living trust is mostly considered as an alternative to will or last will. It also details distribution of estate of a person during and beyond his lifetime. The owner of the estate designates a trustee to manage all his declared assets, which would then be automatically transferred into the possession of the trustee. Thus, in a living trust, the person or estate owner need not be dead for the assets to be turned over to other people.
Overall, will and living trust involves a person’s assets while a living will mainly involves health factors.
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