What is the difference between a will and a living trust.?
There are me a five siblings. My mom wants the house and all other assets divid equally between the six of us. ANY agruing and that person gets NOTHING. Any way to make that stick?
One of my sisters is a drama queen. She has already went wacko over materials things when my dad died last week. MY mom wants to make sure she does not make waves when she passes.
- Anonymous10 years agoBest Answer
Despite the strong opinions voiced on both sides of the wills vs living trusts [or "wills versus living trusts"; sometimes even "wills verses living trust") debate, the truth is that the differences between the two options are actually – overall - subtle.
Yes, a funded living trust avoids the costs and delays of probate; but even with a living trust (as noted above), there are still costs, and sometimes delays, in distributing assets.
Yes, a living trust can be effective for avoiding a Guardianship proceeding; but, so can a durable power of attorney.
Yes, a living trust offers privacy, but not total privacy.
Really, what a living trust gives you is a combination of advantages that in total result in giving you more control, flexibility, and continuity in managing your affairs and planning your estate.
But it will cost a bit more up front and, if funded, will take time and effort on your part.
- 10 years ago
I am not an estate attorney. But a will spells out what is to happen in your mother’s death. A will cannot be changed, however you can write a new one. A Living trust avoids probate (the dividing of the assets as the courts see fit), and can be updated while currently protecting property from some creditors because the person on longer owns the property, the Living Trust does.
Go to www.lawguru.com for free legal advice. They offer an email service and answer questions (for free) in hopes that you might choose a lawyer from their network to perform legal duties for you.