Living wills and living trusts seem similar, but our Bronx and Westchester last will and testament attorney may be able to help explain the key differences. A living trust allows you to control and manage your property both during your lifetime and after your death. Living trusts are created during your lifetime, which means that you are most often the trustee. A living will is a tool that allows you to manage your own health care if you become unable to actively make decisions.
Revocable Living Trusts
A revocable living trust is so called because the property you move into the trust can be transferred out at any time. You are able to change or cancel the trust whenever you choose, which makes it revocable. If you establish a living trust, you must name a successor trustee who will control the trust after you become incapacitated. After your death, your successor trustee is responsible for the distribution of the properties within the trust to your chosen beneficiaries. A major benefit of having a living trust is that it can prevent your estate from entering probate. An Ardsley last will and testament lawyer may be able to provide you with more information on the probate process.
A living will is generally simpler than a living trust as it controls a different set of affairs. Living wills give you the ability to document how your health care is to be handled if you are incapacitated and unable to make these crucial decisions on your own. You may draft a living will that states that you do not want to be kept on life support for any longer than a given amount of time if it is unlikely that you will recover. You may also choose to be kept on life support for an extended amount of time. Your living will is not related to property division in any way.
Contact a Bronx and Westchester Last Will and Testament Lawyer
Developing a living trust or a last will and testament can often be a challenging process. In addition to the equity concerns and emotional problems that often arise during the asset division process, you may also be concerned about making sure that your end-of-life health care wishes are met. Working with an attorney and other estate professionals is often a good way to ensure that your will is clear enough to prevent confusion down the road. Consider consulting the experienced lawyers at Rogers & Rogers, Esq. today at (718) 994-1640 for assistance in making your last will and testament effective.