What's the Difference Between a Living Trust and a Living Will?

July 2, 2010

Living Trust vs. Will in Nevada

A living trust and living will might sound similar but actually, the two are quite different.

A living trust is designed to help protect and distribute your assets. The assets are actually titled in the name of the trust and depending upon the terms of your trust, you may have complete control or hand the management of the trust over to someone else. Upon your death, beneficiaries receive the assets according to your terms in the trust. A method of avoiding probate, it’s a way of bypassing the lengthy and often expensive court process of distributing your assets.

A living will, however, is a legal way of informing your physician what you want done in case of a terminal condition. It’s used when you can no longer communicate your wishes due to an injury or illness that leaves you incapacitated. Your living will should be accompanied by a health care power of attorney. This document designates a person to speak on your behalf and relay your wishes with regard to certain medical treatments and decisions. It might relate to resuscitation, feeding tubes, etc. These "advance directives" also give loved ones peace of mind knowing that they are doing what you would have wanted.

Anderson, Dorn & Rader, Ltd.

It’s highly recommended that everyone draw up advance directives including a living will and a health care power of attorney, whereas a living trust is especially beneficial for those with a certain level of assets. To get help with a living will or living trust, a good estate planning attorney is your best bet.

CONTACT A RENO ESTATE PLANNING ATTORNEY

Wealth Counsel
Attend our FREE Estate Planning Workshops
Sign up today!
Review Us!
500 Damonte Ranch Parkway Suite 860,
Reno, NV 89521
Phone :  
(775) 823-9455
OFFICE HOURS:
Mon. - Fri. 8:30 AM - 5:00 PM
1692 County Road Suite A,
Minden, NV 89423
Phone :  
(775) 823-9455
OFFICE HOURS:
By Appointment Only, Call For Details
© Copyright 2020 Anderson, Dorn, & Rader, Ltd  |   All Rights Reserved  |
  Privacy Policy  
|
  Disclaimer  
|
Attorney Advertisement  
map-markerphonegooglefacebook-official
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram