A living will is a document to facilitate an individual (“principal”) with choices over the medical treatment they receive when they no longer able to make those decision for themselves. It is a legally binding document, signed by all relevant parties for when/if that time comes. The will contains specific stipulations regarding health care directions to the principal, but can be modified for the principal’s personal requirements and medical situations.
A trust is a legal document in which an individual gives control of their assets to a trustee, who then manages the assets to benefit the person covered by the trust during their lifetime. The trustee then distributes the remaining assets upon the death of the person covered by the trust. A trust can be expensive to set up and maintain. You need to remember to transfer your assets into it.
A living trust may be a good idea for some people, but not for others. Contact the team at Sandomire & Kuberry, PLLC to help you decide whether or not a living trust is right for you.