Living Wills vs. Living Trusts in Florida

If you have been researching different estate planning strategies in Plantation, you might have come across the term “living Will.” You might have also encountered the concept of a “living trust.” Despite sounding almost identical, these are two very different estate planning strategies. You can learn more about them during a consultation with a Plantation estate planning attorney.

A Living Will Focuses on Medical Decisions 

A living Will focuses on medical decisions. This type of Will is “living” because it may take effect when you are still alive. In contrast, a normal Last Will and Testament only goes into effect after you have passed away.

People often use living Wills to make important medical decisions ahead of time. These decisions almost always involve end-of-life planning. For example, you might use a living Will to decide when you want doctors to remove you from life support in the event of a coma or catastrophic brain injury.

You might also use a living Will to express whether you’d like to donate your organs after you pass away. Some people object to certain medical procedures on religious grounds, and they can express these objections using living Wills.

A Living Trust Focuses on Financial Matters

On the other hand, a living trust focuses on your assets. Once you transfer your assets into this type of trust, you no longer own them. Instead, the trust becomes the new owner. This legal separation between you and your assets helps protect them from certain taxes and probate. Although a revocable living trust provides limited protection from creditors, a better way to shield assets from creditors is with an irrevocable trust.

Because the grantor (the person creating the trust) typically serves as the trustee (the person overseeing the trust assets), a living trust is associated with considerable flexibility and control. You can use a living trust to gain financial advantages and plan for inheritance while still enjoying your wealth while you’re alive.

You Can Have Both

You don’t need to choose between a living trust and a living Will. Both estate planning strategies serve different functions, and they may complement each other in various ways. For example, both living Wills and living trusts can work together to ensure control over your financial and medical decisions if you ever become incapacitated.

You can name a successor trustee for your living trust who will oversee the assets while you remain incapacitated. At the same time, a living Will ensures doctors will respect your medical decisions. You might also consider creating a healthcare surrogate and a financial power of attorney for even greater control during incapacitation.

Can a Plantation Estate Planning Attorney Help Me?

A Plantation estate planning attorney may be able to help you learn more about living Wills and living trusts in Florida. Although both strategies serve different purposes, there is no reason why you can’t include a living Will and a living trust in your estate plan. Continue this discussion by contacting 411 Probate today.

Source: 

myfloridalegal.com/files/pdf/page/B18C541B29F7A7F885256FEF0044C13A/LivingWill.pdf