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The difference between a living trust and a living will

by Susan S. Flaherty

Created on: June 12, 2009   Last Updated: June 13, 2009

Living Wills and Living Trusts have two major things in common: the word "living" and the fact that they are about your dying.

Otherwise, they have little in common and serve distinctly different purposes. A "Living Will" (sometimes called an Advanced Medical Directive) is the fashionable phrase for a legal document that says what you do and don't want to be done, medically speaking, when you can't speak for yourself.

A Living Trust creates a separate legal entity that owns your stuff, even before you die, so that when you die you can avoid probate and other issues that might delay the settlement of your estate.

Living Wills

A Living Will puts in writing, hopefully long before you are seriously ill, exactly which medical treatments you would or would not like to be done, assuming you are suffering a terminal illness or are in permanent vegetative state. This is helpful not only to your piece of mind, but also saves your family and your doctor from trying to make what can be especially wrenching decisions under duress.

Many hospitals and physicians provide simple forms that allows the patient to check off from a long list of treatments that are common at the end of life. For example, check boxes indicating whether the patient [ ] does or [ ] does not want to receive

- cardiac resuscitation

- mechanical respiration

- a feeding tube

- blood transfusion

- kidney dialysis, etc.

Doctors can help you make sure the issues that are likely to come up for your particular health issues are discussed and your wishes included in the the patient's wishes reflect in the Living Will.

The requirements for a living will vary from state to state so you may want to speak with an attorney to make sure yours is accurate and complete.

While thinking about your living will, you may also want to consider who will hold your health care power of attorney. (Sometimes called a health care proxy.) If you are injured and can't speak for yourself, that person makes health care decisions based on what they think you would want.

You should give a copy of your Living Will and a copy of your health care proxy documents to your physician. You may also want to distribute it more broadly-to surgeons, nurses, and other health care team members so that your wishes don't get lost between shifts. It is also a helpful tool in communicating your wishes with family members and significantly minimize future disagreements about what you would have wanted.

Living Trusts

A Living Trust is

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