A WILL is a legal document created by someone to express their wishes regarding the distribution of their assets after their death. An executor is named, whose job it is to distribute the assets to the beneficiaries according to what is stated in the will. If the value of the assets is significant, a probate will be required to legally transfer the assets to the beneficiaries. In a will, a guardian can be named for the care of the minor children, if one is needed. A will is a fairly simple document that can be revised as circumstances change.
A LIVING WILL is a legal document created by someone to express their wishes regarding what forms of medical treatment they want or don’t want to receive when they are unable to communicate to their physician in any other way. It usually pertains to end of life decisions regarding life support. A living will is most commonly referred to as an Advance Healthcare Directive.
A LIVING TRUST is a separate legal entity that takes legal ownership of property that belonged to someone who created the trust agreement. In a simple trust, the person who created the trust is typically the person who will manage the property during their lifetime in the same way they did before the trust was created. Like a will, instructions are given as to how property will be distributed after the death of the creator of the trust. Unlike a will, the most common type of living trust is set up to avoid probate. Avoiding probate saves a lot of time, expense and inconvenience.
Just Document Preparation prepares wills, advance healthcare directives and living trusts. Call our team of bonded and registered legal document assistants for current fees and timelines. We have been assisting with wills, advance healthcare directives and living trusts in Riverside County since 1996.