Living Will And Trust Definition

A living will is a written legal document that spells out medical treatments you would and would not want to be used to keep you alive as well as your preferences for other medical decisions such as pain management or organ donation.

Living will and trust definition.

A living trust is a legal document created by you the grantor while you are alive. Let s focus on a revocable living trust for the purpose of estate transfer. Like a will a trust will require you to transfer property after death to loved ones. This property is typically invested and spent for the benefit of the beneficiary typically the trust maker the person who created the trust at least during their lifetime.

You cannot do this with a will however you can also make a durable power of attorney to appoint someone to manage your finances. A living trust designates a trustee to manage assets for the beneficiary while the grantor is still alive. Trustees with fiduciary duty manage trusts according to the beneficiary s best interests. In determining your wishes think about your values.

A living trust is a legal entity created by individuals to hold and own their assets after they transfer them into the trust s ownership. It s revocable because as long as you re mentally competent you can change or dissolve the trust at any time at your own discretion for any reason.