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Will and living trust

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S

shawnma

Guest
What is the name of your state? Massachusetts

Can anyone tell me what is the difference between will and living trust? Do I need to have both?

Thanks!
 


ALawyer

Senior Member
A living trust holds legal title to the assets you place in it during your lifetime and has a set of provisions built in to manage the financial affairs for such assets during incompetence and on death, and contains plans to distribute them at death.

The will distributes other assets, sometimes those that can't easily go into a living trust (like a car), that you hold in your own name without a beneficiary designation. You ought to have a will - called a pour over -- to cover such assets even if you have a living trust.
 

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