The lawyers here at Carpenter & Lewis PLLC understand that living wills at its simplest definition is a document that writes out your personal wishes and focuses on your end-of-life medical care should you find yourself on life support or otherwise in a situation where someone needs to decide things about your medical care.
A living will can identify the procedures and medication that you do want to have, and others that you do not want to have if you fall into a comatose or vegetative state. And should you require life support, it addresses the question of whether you want those systems used, how long you want them used, and more. This will also focus on where your wealth and assets can go, and how.
The living trust lawyers in Knoxville, TN understand that your needs are going to differ and with our experience we are going to be able to help you create not only a living will but also a living trust. And we’re here to talk about the difference between will and trust, because maybe you’re confused about what they mean and when you want to have them.
Information About Wills & Trusts
Wills and trusts are not the same thing; but they are in a similar league of law. These are both estate planning tools that can ensure your assets are protected, and bequeathed to your heirs and spouse. This is not typically an issue, but there is an unlimited marital deduction provision in the United States of America that allows one to pass wealth to surviving spouses without incurring a gift or estate tax liabilities, if it is done properly.
This transfer process becomes more involved when the wealth is passed to the next generation, and it is possible to have both a will and a trust.
Your will is going to be a a written document that expresses your wishes as the decedent. This is ensuring that your children have the guardians you want if needed, objects and cash assets are gifted to friends and relatives or even charities. This will is only active after you die, whereas a trust is active the day it is created and a grantor may list the distribution of assets before they are dead, which they cannot do with a will.
You have irrevocable trusts that are most often created for tax purposes, and they cannot be altered after creation and you have living trusts that can be altered by the grantor. All wills have a legal process called probate.
The most common type of will is a testamentary will, which is a legal document that must be enforced regarding your affairs after death. There are other types of wills, such as holographic wills, oral wills, pour-over wills and more. The “how” when creating a will is not super important as long as you ensure it is a legal document, whether in video format, paper format or some other format of your choosing.
Reach out to your living trust lawyer in Knoxville, TN today to discuss the difference in a living trust and will, and what best suits your needs.