LIVING TRUST :
You can put property into a living trust while you are still alive. When
you die, the property automatically goes to your heirs without going
through probate court which can be very time consuming and expensive.
(lots of attorneys fees) !
You can revoke a living trust at any time if you change your mind.
LIVING WILL :
A Living Will is a legally binding document that dictates one's
wish not to be kept alive by artificial life support systems in the
event of a terminal illness. By limiting treatment, a living will sets
limits on hospital bills which can drain and even wipe out your assets
so that there is little left in your estate for your heirs.
ORDINARY WILL :
A will is a legal document that dictates how your property is to be
distributed after death. It may also designate guardians for your
children. Your will must pass through probate court before your estate
can be distributed to your heirs.
DO YOU NEED ALL THREE ?
All three legal documents can work together to satisfy your various
legal needs. A living trust permits your financial assets to go to your
heirs without the time and expense of probate.
A will is used to cover all property not included in the living trust
(Without a will the state will determine who gets your remaining
property) and a living will protects your assets from being drained by
unnecessary hospital bills.
DO YOU NEED TO SEE A LAWYER ?
The law does not require use of a lawyer to draw up these
documents, however if you are not sure, you can consult a lawyer.
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