Living Trust:
Overview:
– Specify your final wishes and designate individuals to execute them.
– Determine guardianship for your children in the event of your incapacity.
– Allocate your assets and transfer them into a trust during your lifetime.

Benefits:
– Alleviate stress for your loved ones by rearranging important matters.
– Minimize disputes among family members regarding asset distribution.
– Spare your loved ones from potential court proceedings and associated costs.

Considerations:
– Creating a trust requires more time and effort compared to drafting a last will.

Will:
Overview:
– Specify your final wishes and designate who will execute them
– Determine guardianship for your children in case of incapacity
– Allocate your assets to chosen beneficiaries

Benefits:
– Alleviate stress for your family by rearranging important decisions
– Minimize potential conflicts among loved ones regarding asset distribution
– Simple to create and update as circumstances change

Considerations:
– Probate court proceedings may introduce delays and expenses for your loved ones