A Last Will is different
than a Living Trust
As the figure below suggests, the main purpose of a Living
Trust is to bypass the probate court. A will [Last Will] has to
be probated in court, meaning that it has to go thru a court
process to verify the validity of the will and to ensure that
your wishes are properly carried out by your executor. This
process may be expensive and time consuming for your family; a living trust may avoid it.
Another difference is that, unlike a will, a Living Trust may
"speak," may become effective, in the event that you become
incapacitated because of old age or serious illness. The person you
appoint as trustee of your trust may start to manage trust's
property if you become incapacitated and at your death
distribute that property to the beneficiaries you named in the
Living Trust. There is one important thing, which, unlike a
will, a Living Trust doesn't let you do: name a personal
guardian for your minor children. It may also be worth noting
that the creation of a Living Trust involves more paperwork. A
legal document service like LegalArrow® can help you set up a
Living Trust.
