How does a living trust differ from a will?

A living trust and a will are both estate planning tools that can be used to distribute assets after your death, but there are some important differences between the two.

A will is a legal document that specifies how your assets will be distributed after your death, who will be responsible for managing your estate, and who will take care of your children if you have any who are minors. A will goes into effect only after you die and goes through the probate process, which can be timeconsuming and expensive.

A living trust, on the other hand, is a legal entity that you create during your lifetime to hold and manage your assets. You can serve as the trustee and manage the trust assets yourself, or you can name someone else to be the trustee. A living trust can help you avoid probate because your assets are already in the trust and can be distributed to your beneficiaries without going through the court process. It also allows for the management of your assets in case of incapacity, as the successor trustee you have named can step in and manage the trust assets on your behalf.

While a will is a good starting point for most people's estate plans, a living trust can be a good option for those with larger estates, those who want to avoid probate, or those who have specific concerns about asset protection or privacy. It's important to consult with an estate planning attorney to determine which option is best for you and your family.