Living Trust vs. Living Will

There are many types of issues that fall under the legal field of probate law. Often time, these terms can get confusing. For example, a living trust vs. living will can often confuse those that are making arrangements for the future.

A living trust is a trust which is set up while the individual is still alive. The trust may make payments to the beneficiary while the benefactor is still alive, or the payments may begin after death. However, if the trust was set up while the benefactor was alive, it is considered a living trust.

On the other hand, a living will is used to help doctors and loved one make decision about health care when the individual is unable to communicate their wishes. For example, an individual that has sustained head injuries in a car accident, may be unable to communicate they do not wish to have lifesaving measures taken or that they wish to donate their organs after death. The living will would make those wishes clear for the doctors and loved ones that may have been uncertain what the individual would want.

The variety of legal terms used to describe important issues, can get very confusing, especially when the terms sound similar. A living trust vs. living will has a very easy distinction of one being a way to distribute money or property and the other being utilized to communicate health care wishes.

NEXT: Living Will At A Glance