25 June, 2020

Quora Answer: Which Would You Choose - A Living Will or a Living Trust?

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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