Advance Medical Directives Video Index

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Estate Planning Video Index

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What’s the Difference Between a Will and a Trust?

 

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I’m often asked questions about estate-planning documents and one of those is, “What’s the difference between a will and a trust?” Well, both of them refer to a written document. A will is also called your Last Will and Testament, which takes effect at the time you pass away and controls whatever assets that you have in your name alone. If you have assets titled in your name, they will be controlled by your will and have to be probated.

 

If you have a trust, that is the name of another document which sets forth the name of a trustee; who the beneficiaries are; and what you would like done with your assets during your lifetime as well as at your death. Most of the time, when people refer to a trust, they are referring to what they call a revocable living trust, wherein they name themselves as the trustee and designate their assets to be used for their use during their lifetime; and then, also provide who they would like to receive their assets upon their death.

 

In order for a trust to be effective, the assets must be retitled in the name of the trustee; and the trust is effective as soon as it is signed during the lifetime of the person who signs it, which is called a donor or grantor. If you’d like to have a trust set up, please call my office at (727) 847-2288. Thank you.

 

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Do I Need a Health Care Surrogate if I have a Living Will?

 

Video Summary

Our clients commonly wonder, “If I have a Living Will, do I also need a Health Care Surrogate?” To help you make that decision, you should know that there are two occasions in life when a Health Care Surrogate takes effect.

 

1. If you are going to expire in the near future and you are unconscious, a Living Will can aid in determining whether life support will be discontinued. The Living Will names the person who will act as your Health Care Surrogate and will make that decision for you.

 

2. If you have suffered some injury or medical trauma and you are not in a position to make medical decision for yourself, a Health Care Surrogate document names the person who is legally entitled to make those decisions for you. Appointing a Health Care Surrogate in advance allows you to choose a person who you trust to make vital medical decisions in your behalf when you are not capable of doing so. That person may be called upon to make a medical choice that could save your life.

 

If you would like assistance in preparing a Living Will or appointing a Health Care Surrogate, please call us at (727) 847-2288.

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