Is there a difference between a living will & a living trust?

Question

Also, can you have a beneficiaries portion of an ins. settlement go directly into an account for them?

Answer 1

There is a huge difference between a Living Will and a Living Trust.  

A Living Will is another name for an Advance Directive which is a legal document that a person uses to say what they want to happen AND not happen if that person should become incapacitated and unable to act for them self.  Such as "No feeding tube", "DNR- Do Not Resusitate", etc.

A Living Trust is the instrument where a person lists what he/she wants to happen to their money and property after they die. With a Living Trust, the estate of the deceased does not have to pass through Probate Court thereby saving the Estate (usually a lot of) money.   A Living or Revocable Trust should have a Living Will or Advance Directive and also Powers of Attorney for Healthcare, Finance, and Physical Custody in case of incapacity.

Answer 2

A living will, also called an advance directive, generally deals with your medical care should you become  incapacitated and unable to make decisions for yourself.  It expresses your wishes regarding life support, etc.  

A living trust is a written legal document that partially substitutes for a will. With a living trust, your assets (your home, bank accounts and stocks, for example) are put into the trust, administered for your benefit during your lifetime, and then transferred to your beneficiaries when you die.

Insurance policy proceeds can be deposited directly into an account for the beneficiary as long as you specify it to the insurance company in advance and give them the account information - you would have had to already set up the account.  

Answer 3

Here's a link with some answers....there's a big difference

http://www.livingwills-freelegal.org/Liv...