What's the difference between wills, living wills, trusts, and living trusts?

Answer 1

Will: In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death.

A living will, also called will to live, advance health directive, or advance health care directive, is a specific type of power of attorney or health care proxy or advance directive. It is a legal instrument that usually is witnessed or notarized. These documents state:
That the principal is appointing an individual to direct their health care decisions should the principal be unable to do so.
Specific directives as to the course of treatment that is to be taken by caregivers

Trusts are used when you want to control the way in which your property is used to benefit your loved ones or other intended recipients. They are used for many purposes, such as:
To obtain certain tax benefits.
To avoid probate and publicity for your estate.
To provide for young or disabled beneficiaries.
To preserve family assets by protecting them from a beneficiary's creditors or divorcing spouse.

Living trust: A trust exists when one person (often called the grantor or the settlor) gives property to another person (called the trustee) to hold and manage for one or more other persons (called the beneficiaries). Although no statute or regulation defines the phrase "living trust," it generally describes a trust that the grantor can amend (change) or revoke (cancel) during his or her lifetime. Through the terms of the living trust, the grantor keeps all the benefits of any property placed into it for the rest of his or her life.

Answer 2

A will disposes of your assets after your death. A living will, also called a health care proxy, authorizes a person to make medical care decisions for you after you become incompetent. You can also specify what you want to happen in certain situations, such as having to be resuscitated or put on life support.

A trust is a legal entity that can own money or other assets. Unfortunately, many people forms trusts but forget to put anything in it.

A living trust is formed while you are alive. It can be revocable or irrevocable.

A testamentary trust is established by your will after your death.

Answer 3

Simplefied version:

Wills and trusts go into affect after the person dies.

Living wills and living trusts go into effect if you are incapaictated or unable to make decisions on your own.

Answer 4

The difference between a will and living will is a will tells people what and who get your assets. A living will is to tell people what to do with you if you fall into a vegetative state(i.e.--Terri Schiavo)
Sorry, but I don't know the difference between the other two.

Answer 5

The price of the lawyer.