A standard will is usually called a “last will and testament.” The will specifies how the person’s assets will be distributed and who will be in charge of the distribution. The standard will is suited for individuals and couples with total assets (including life insurance and retirement plans) of less than the exclusion threshold for the federal estate tax, which is currently $2,000,000.
A living will is called an advance health care directive. We’ve included most of the advance health care directive forms in our Power of Attorney Forms section.
Living trusts are sometimes set up as conditions of a will. They may be created while the grantor is still alive. Grandparents might want to make distributions to their children and grandkids before they pass away. A living trust can also be created for the benefit of the grantor. A person might create a trust and receive regular payments for the rest of his or her life while financial benefits are also distributed to family members, friends, or charitable organizations.
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