What is the difference between a living trust and a will?

What is the difference between a living trust and a will?

A living trust is a legal document that holds your assets during your lifetime and distributes them after your death, while a will outlines how your assets will be distributed after your death but does not manage them during your lifetime.

Which one is better for estate planning?

It depends on your individual circumstances. A living trust can help avoid probate and provide more control over asset distribution, while a will is simpler and less expensive to create.

Can I change a living trust after it's created?

Yes, you can change or revoke a living trust at any time while you are alive, as long as you are mentally competent.

What happens if I only have a will?

If you only have a will, your estate will go through probate, which can be a lengthy and public process. Your assets will be distributed according to the terms of the will.