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

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

Asked on February 12, 2013 under Estate Planning, New Jersey

Answers:

Victor Waid / Law Office of Victor Waid

Answered 8 years ago | Contributor

A living will is a misnomer verus as is a livong trust. Both documents are living in the sense they are in life produced documents amendable or revocable unless specifically made otherwise. However, a will throws you into probate court a upon death whereas a trust transfers all of your property out side of court and lives on in the sense the provisions may carry on into the future, such as payment distribution to minor children, et al, in which a trust will need to continue to manage the trust. As to the will, once the death has occurred, and an estate opened, executor appointed, and provisions of distriction are implemented, and the expenses and creditors are satisfied, then a a petition to close an estate is filed, and the executor is discharged from his duties.


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