What is the Difference Between a Living Will and a Living Trust?
A "living will" is a statement in writing that details your wishes regarding your medical treatment in circumstances in which you are no longer able to give informed consent to treatment. Officially, it is called a declaration to physicians, but it is commonly referred to as a "living will". This leads to confusion because it is not a will at all, in that it has nothing to do with your assets (property), and because "living will" sounds similar to living trust. A living trust is a type of revocable trust that is an estate planning tool that allows you to continue to control, use, and enjoy assets you've placed in the trust during your life, and then for a successor trustee to manage and distribute trust assets to your named beneficiaries after your death. A primary advantage of a living trust is that assets placed in it avoid probate.