When looking at legal documents regarding distribution of property and your assets after death, you will find a last will and testament and a living trust. These two documents are not the same, although they both deal with the distribution of your property after your death. Deciding which one is best for your estate can be tricky, and it’s important that you understand the differences between the two.
Archive for March, 2010
Differences between a Will and a Living Trust
Monday, March 15th, 2010What is a Living Trust?
Saturday, March 6th, 2010If you are not familiar with legal terms and if you haven’t seriously thought about your will and other, similar documents, you may not know what a living trust is. A living trust is a binding legal document that you create while still alive for one of two reasons: to avoid probate, or to save money when it comes to taxes. Creating a living trust also guarantees that your properties will not go to probate proceedings, saving your heirs a great amount of time and trouble. You’ll also help protect your financial privacy and set out guidelines for the distribution and use of any assets if you become unable to handle matters yourself. A living trust may be revoked by the creator, also called the Grantor, at any time.
