The following is my
answer to a Quora question: “Which would you choose: a living will
or a living trust?”
They are neither the same type of legal instruction,
nor are they mutually exclusive. A
living will addresses the management of your assets, and your healthcare costs
in the event of your mental impairment or absolute physical incapacity. Since you are unable to manage your own
assets, or see to your needs, you empower someone to do so according to the
terms of the living will.
A living trust is a means to bypass the probate
process in the management of your estate upon your demise. As a distinct legal
entity from you, it has the advantage of protecting your estate from legal
claims against your person, mitigate your tax liability, and grant you a greater
measure of confidentiality since assets are not public.
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