What Is a Living Will?

A Living Will is a legal document that outlines your preferences for medical care if you become unable to communicate or make decisions for yourself. It typically covers situations involving life-sustaining treatments, such as resuscitation, mechanical ventilation, or tube feeding. This document provides guidance to your healthcare providers and family members, helping them make critical decisions based on your stated wishes.

Having a Living Will ensures that your voice is heard even when you cannot speak, and it helps reduce the burden on loved ones during emotionally challenging times. It’s an essential component of an overall estate plan, especially for individuals who want control over their end-of-life care.

What Is a Trust?

A Trust is a legal arrangement in which one party (the trustee) holds and manages assets on behalf of another party (the beneficiary). Trusts are commonly used in estate planning to ensure that your assets are distributed according to your wishes, either during your lifetime or after your death.

There are various types of trusts, including revocable trusts, which can be changed during your lifetime, and irrevocable trusts, which generally cannot be altered once established. Trusts can help avoid probate, reduce estate taxes, protect assets, and provide financial support to beneficiaries over time.

Key Differences Between a Living Will and a Trust

While both are important parts of an estate plan, a Living Will and a Trust serve very different purposes:

• A Living Will addresses your medical preferences in case of incapacity.

• A Trust manages your financial assets and determines how they are distributed.

Together, they provide a more complete and effective estate plan, ensuring both your health care and financial affairs are handled according to your wishes.

Why You Need Both

Many people think estate planning is only for the wealthy, but in reality, everyone can benefit from having a Living Will and a Trust. A Living Will ensures your medical decisions are respected, while a Trust provides peace of mind that your assets will be managed and distributed properly.

Having both documents in place can help you avoid unnecessary legal disputes, reduce taxes, and ensure your family members are not left with difficult decisions during a crisis.