Estate Planning

Do You Know The Difference Between: A Living Trust? A Living Will? A Testamentary Will?

A Living Trust

You can put property into a living trust while you are still alive. When you die, your property immediately passes to your beneficiaries. This eliminates going through probate court, which can be expensive and time consuming. You can revoke a living trust at any time if you change your mind.

A Living Will

It is a legally binding document that dictates one's wish not be kept alive by artificial life support systems in the event of a terminal illness where you are no longer able to express your wishes because you are unconscious. Furthermore, by limiting treatment, a living will sets limits on hospital bills, which can substantially or even completely drain one's assets so that there is little left in the estate for your beneficiaries.

A Testamentary Will

It is a legal document that dictates how your property is to be distributed after death. It may also designate guardians for your children. Your will must pass through probate court before your estate can be distributed to your beneficiaries.

NICHOLS & EBERTH, P.C.
22374 Garrison, Dearborn, MI 48124

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