What Are Wills And Living Trusts?
A will is a written document you sign in the presence of at least two witnesses and a notary. In a will, you appoint someone to act as your executor. After you die, the executor must implement the instructions contained within your will regarding the disposition of your property. A living trust is also created by a written document signed by you. But instead of continuing to own property in your own name, you transfer your property into a trust while you are living (hence the name living trust). Furthermore, you appoint someone to act as trustee. During your life, you may be the trustee. After you die, the successor trustee will implement the instructions contained within your living trust regarding the disposition of your property. What Are the Principal Advantages of Wills? Wills offer two principal advantages over living trusts. First, a will may enable your surviving spouse to avoid Medicaid “spend-down” requirements. A will also reduces the time during which creditors can make cla
