What is the difference between Wills and Trusts in managing assets?
A Living Trust can help manage your assets, if you are no longer able. Generally, you are both the grantor and trustee of your Living Trust. As the trustee, you have the authority to manage and invest the Trust assets and make distributions. However, you also have the flexibility to delegate these responsibilities to another individual and/or trust department so that you are free from the responsibility. Perhaps more important, you can provide for a successor trustee who will take over for you if you become incapacitated. This possibility makes the Living Trust an important planning tool for handling aging and disability circumstances. Obviously, a Will that only takes effect at your death does not address this issue. Many people who use Wills as their primary estate planning documents use Power of Attorney documents to address aging and disability issues.
