Whats the difference between a Last Will and Testament and a Living Revocable Trust?
A Last Will and Testament is a legal document that describes how you want your assets distributed upon your death. Even though you sign it while you are living, it does not take effect until you die. Therefore, when the validity of your Will is called into question, the one person who can attest to its accuracy — you — will not be around to defend your wishes. The distribution of a Will is controlled by a legal process called “Probate” (see above), which is Latin for “prove the will.” Upon your death, your Will becomes a public document available for inspection by all who wish to read it. And, once your Will enters the probate process, it’s no longer controlled by your partner or someone else you trust, but by the court and probate attorneys. Also, a Will is more vulnerable to a successful legal challenge by disgruntled relatives. Again, if someone contests your Will, you will not be alive to defend your partner’s rights to inherit your property and administer your estate. All of the
