If you’re thinking of getting your legal affairs in order, you’re probably heard different words like “living will” and “trust.” But what is a living will and trust? A living will and trust are important legal documents that allow you to plan for your future and protect your interests. They allow you to make sure that all of your assets are properly outlined and managed, even if you can’t do so yourself.
What is a Living Will?
A living will is a legal document that outlines your wishes and preferences should you become incapacitated. It acts as a legal directive to guide decisions about your medical care, end-of-life care, and other aspects of your life. It can be modified at any point while the grantor (the person creating the living will) is still alive and competent. One major advantage of having a living will is that it ensures that your wishes are carried out even if you are not able to express them yourself. You can read more about living wills on our blog How a Living Will Works and Why You Need One.
How to Create a Living Will
In order to create a living will, you should consult with an experienced estate planning attorney. An attorney can help ensure that all of your wishes are outlined properly in the document and that the document is legally enforceable. The law governing living wills vary from state to state, so it’s important to make sure that you understand the legal requirements in your jurisdiction. When creating a living will, be sure to provide detailed instructions on any matters you want addressed, such as end-of-life care, organ donation, funeral arrangements, and more.
What is a Trust?
A trust is another legal document that helps protect your assets while you are alive and after death. It serves as a document that outlines how your assets should be distributed after your death. A trust can also be used to manage assets while you’re still alive, including funds set aside for dependent children or assets transferred on behalf of beneficiaries such as family members or friends. Trusts allow you to quickly provide for your loved ones by transferring ownership of any specified assets – like stocks, real estate, or art – directly to the beneficiaries upon your death.
Different Types of Trusts and Their Uses
There are many different types of trusts that can be used to protect your assets and provide for your loved ones. These include testamentary trusts, revocable living trusts, irrevocable life insurance trusts, special needs trusts, charitable remainder trusts, qualified personal residence trust (QPRT), and more. Additionally, certain types of trust funds can provide tax-efficient ways to manage property or money. With so many options available, it’s important to consult with an estate planning attorney to help you.
Setting up Your Asset Distribution Through Your Will and Trust
As you create or review your will or trust, it’s important to determine which assets you’d like to distribute and how they should be distributed. Do you have certain pieces of property that would be distributed among your children? Is there a charitable organization you’d like to donate some of your estate to? Are there specific life insurance policies that would provide additional financial security for the beneficiaries? Consider all these factors when formulating an asset distribution plan in your will and trust.
Ready to Set Up Your Living Will and Trust?
If you want to protect your assets and ensure your wishes are honored in the event of your incapacity or passing, it’s essential to have a solid estate plan in place. At our law firm, we specialize in helping clients create living wills and trusts that provide peace of mind and security for themselves and their loved ones.
Don’t wait until it’s too late to make important decisions about your future. Whether you’re just starting to think about estate planning or need to update an existing plan, our team of experienced attorneys can help guide you through the process and create a plan that’s tailored to your unique needs and goals.
Call us today at 602-443-4888 to schedule a consultation. Take the first step towards protecting your legacy and ensuring your wishes are honored. With our help, you can have confidence that your assets will be managed according to your wishes and your loved ones will be taken care of when you’re no longer able to do so yourself.