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Your Answer:

A will is sometimes referred to as a "Last Will and Testament". Thus, a "will" and a "last will and testament" are the same document. In that document, you set forth what happens to your property UPON YOUR DEATH. To have effect, the will must be probated (by filing it with a probate court and administering the estate).

A living will is a different document. It is a directive to health care providers regarding your wishes to receive or not receive life sustaining treating, including artificial nutrition and hydration.

A living trust is similar to a will. In it, you set forth what happens to property UPON YOUR DEATH. However, the trust can only control property that is held in the trust name. It does not control property that you own in your own name, individually. Thus, when you create a trust, you must transfer all of your property to the trust (with some exceptions).

A power of attorney is a document that allows you to appoint an agent that will act on your behalf WHILE YOU ARE STILL ALIVE but not able to make your own decisions (for reasons of incapacity). This can allow the agent to make financial and/or health care decisions on your behalf.

You want a will or a living trust. A will must be probated. A trust does not need to be probated, but you have to transfer all of your property to the trust to avoid probate.

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How property is transferred to trust depends on the type of property. There are many, many variations. You will need an attorney's assistance or a very thorough practice guide on estate planning (which you could consult at your local law library). Funding a trust can be quite complicated.

However, you generally just need an assignment of tangible personal property (for all household stuff -- clothes, etc.); change titles for the vehicles; do deeds from you to the trust for real property; change the name on the bank accounts, etc.

If you need additional clarification, please do let me know. And, again, I DO NOT receive credit for my work until you rate my answer as "OK service" or higher. Bonuses are always appreciated.

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Nope. You need a will and a living will. Plus, if you want someone to act for you if you are incapacitated, you need a durable power of attorney.

If you need additional clarification, please do let me know. And, again, I DO NOT receive credit for my work until you rate my answer as "OK service" or higher.

Bonuses are always appreciated.

If you later open a new question and would like my assistance, please begin the question with "To TMcJD...." This will ensure that only I answer the question.

Thanks.

Thanks. Living trust question: Will it be a live document that I can go in and update when, say, I buy something and want to add it to my list of possessions in my trust? Will I have to pay fees or anything whenever I need to update it?

Yes, you can update it when you want or just get rid of it. It won’t cost anything except transfer fees (deed recording fees, new title fees, etc.).

Of course if you amend or revoke your trust, an attorney would charge a fee for preparing the amendment or revocation.

If you need additional clarification, please do let me know. And, again, I DO NOT receive credit for my work until you rate my answer as “OK service” or higher.

Bonuses are always appreciated.

If you later open a new question and would like my assistance, please begin the question with “To TMcJD….” This will ensure that only I answer the question.

Thanks.