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Quick guide to choosing between a Living Will and a Trust for your family’s estate plan. Get started to understand Living Will vs Trust .
In contrast, a Living Trust is an asset management tool. It is a fiduciary arrangement that allows you to place ownership of your assets (like your home, bank accounts, and investments) into the Trust. You retain control as the initial Trustee. The primary benefit of a Living Trust is that it allows your assets to be transferred directly to your named beneficiaries upon your passing without going through probate, which can be a lengthy, expensive, and public court process. Furthermore, a Trust provides a seamless mechanism for a successor Trustee to manage your assets should you become disabled.
