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Would you please share a link or explain In simple terms,

what is the difference between...
Would you please share a link or explain In simple terms, what is the difference between a Living Will and a Living Trust?
Then my next question will ask, What is the difference between an
Irrevocable Trust and a Living Trust?
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Answered in 5 minutes by:
1/16/2018
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,219
Experience: 29 years of experience practicing law, including tax and estate planning.
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Customer reply replied 7 months ago
Sure

Good morning. A living trust is a trust established to avoid the probate process. A living trust is revocable while the person that sets it up is still alive and the person's assets are transferred to the trust during life. Then, when the person dies, there is no need for probate because the trust, rather than the person, owns the assets and the trust agreement controls the dispostion. Thus, because the assets are owned by the trust at death, there are no assets owned by the individual and thus no need for going through the probate process.

A living trust is revocable while the person who sets it up is alive...which means that the person can amend the trust, terminate the trust, or move assets in and out of the trust at any time. When the person dies, the trust becomes irrevocable, meaning it can no longer be changed or terminated while there are assets are held by the trust.

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Richard
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Category: Estate Law
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