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Wills vs. Living Trusts: What’s the Difference?

At Home Care Assistance of Las Vegas, we understand that planning for the end of life can be difficult. However, the experience can be more pleasant for all involved when you take the time to understand your options and find the most beneficial course. Both wills and living trusts allow for a certain degree of flexibility and finality, and while similar, the two do have some relevant differences that may make one option much more attractive than the other.

About Wills

One large consideration in deciding between wills and living trusts should be who your intended beneficiaries are and when you want them to receive their gifts. If you want a minor to receive property, a living trust can be better because the property can be held and managed for the child until he or she reaches age 18. Because those under 18 cannot own property, a will would not allow for a direct gift to a minor.

If simplicity is your main consideration, a will may be more attractive because they are quicker and easier to put into place and do not require a notary public. Wills can also be revised fairly easily in case you want to make alterations later.

About Living Trusts

Of course, living trusts also have advantages such as being more secure and offering more protection from potential challenges to your will in court. This means you can have more peace of mind knowing that your wishes will be implemented. Additionally, making a living trust affords more privacy for your affairs, and unlike wills, living trusts allow you to avoid probate.

When you’re considering arrangements for disposition of property, it is best to consult a legal professional to guide you through the process. However, it is important to do your own research as well, because the decision is ultimately yours.

Planning for the Future

Both of these options provide unique benefits, so don’t avoid this decision – make a proactive choice to find what’s right for you. If you are concerned about an aging parents or loved ones comfort during tend of life, you may also want to consider hiring a profession home care agency to provide end-of-life or hospice support. Reliable agencies such as Home Care Assistance have highly trained and compassionate caregivers who can help ensure that your loved one’s final days at home are comfortable. For more information about Las Vegas hourly care or live-in care plans, reach out to a Care Manager at (702) 550-3185 today.