What is a living will vs living trust?
August 1, 2024 – Matthew S. Akers & Douglas McCarthy
A living will, also known as an advance directive, specifies your preferences for medical treatment if you become incapacitated and unable to verbalize your choices. It enables you to instruct your family and medical team about the types of medical interventions you do or do not want, saving them from having to guess during a difficult time. A living will can also apply in situations of temporary disability, such as a debilitating car accident, and they can address a wide spectrum of medical decisions, from the use of life-sustaining treatments to pain medications.
On the other hand, living trusts, also known as revocable trusts, are legal documents that allow the creator—referred to as the grantor or settlor—to transfer their assets into these entities, where a trustee manages and uses them for the benefit of the grantor or the named beneficiaries.
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