As we come to a close on our definitions and explanations of the various Wills available, we take a closer look at the difference between a living Will and a living Trust.
Let’s take a living Trust first which may help with costs and delays of probate and assists in keeping the details of your estate private. A living Trust can be divided into either a revocable or irrevocable living Trust.
The revocable living Trust is where you can transfer your assets into the ownership of the Trust and retain control of those assets. As the trustee of your revocable living Trust you can also change or revoke the Trust at any time you want.
The irrevocable living Trust on the other hand allows you to permanently and irrevocably give away your assets during your lifetime. Obviously once you give away your assets it means you have relinquished all control and interest in them. These assets are no longer considered part of your estate.
This should not be confused with a living Will which is a legal document which prompts and supports you in making life support decisions, including organ donation. A living Will becomes effective if something happens to you making you unable to make your own decisions. A living Will lets you approve or decline certain types of medical care in advance.