One of the worst mistakes you can make in life -- from an estate planning perspective -- is to try to draft a last will and testament by yourself. There are just too many pitfalls that the untrained testator can experience when trying to draft a will without professional help. While you can read and understand the law, there are some things you simply won't know without appropriate training.
If your attorney is recommending that you create a living trust, you might want to listen to him carefully as he may have your best interests, and your family's best interests, in mind. Although a living trust won't be in the cards forever, there are some important benefits that could save your family a tremendous amount of time and money later on down the road. Here are some of the most essential benefits of a living trust:
People don't create a living will in order to "do" something. Rather, a living will is designed to give helpful information and set rules and guidelines to be followed by medical practitioners and family members when someone receives care but no longer has the mental capacity to direct it. As such, unlike a will — which distributes an estate planner's assets after he or she has passed away — the living will is there to provide information and guidelines about medical care.
A trust can own property and assets, but it's not a person, so it seems like it could live on forever -- guarding your assets for eternity or for so long as they remain. However, just like everything else, trusts must eventually come to an end too.