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►What is a will?

►Who needs  a will?

►What can be accomplished by making a will?

►What happens when one dies without a will?

►What are the requirements for a valid will?

►A Last Will is different than a Living Will

►A Last Will is different than a Living Trust

►Last Will v. Power of Attorney

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.