Does Will Vs Trust Affect Incapacity Planning?
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Does Will Vs Trust Affect Incapacity Planning?
I’m particularly interested in Will Vs Trust because I learned that a will generally takes effect after death, while certain living trusts can operate during the creator’s lifetime. For example, a properly established revocable living trust can include instructions for managing trust assets if the person becomes unable to manage them personally. A will doesn't generally provide the same type of lifetime asset-management mechanism. This seems like an important consideration for families planning ahead. Has anyone included incapacity planning in their estate documents, and did that influence the decision to establish a trust?
