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We Provide Affordable N.Y. Legal Services For You
A Living Will lets you outline important healthcare decisions in advance, such as whether or not to remain on artificial life support. A NYLAWONLINE Living Will includes a complimentary Health Care Power of Attorney that allows you to appoint someone you trust to make critical health care decisions for you.
A Last Will is used to distribute property to beneficiaries, specify last wishes, and name guardians for minor children. It is an important part of any estate plan. Without one, the courts will make these critical decisions for you.
A Living Trust is used to transfer property to beneficiaries. But unlike a last will, a living trust is not usually subject to probate court, which can take years and cost thousands in court fees. A NYLAWONLINE Living Trust includes a free Last Will and Testament to name guardians for minor children and specify last wishes.
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Living Trust
Last Will
Living Will
Power of Attorney
Designed For
People who want to transfer property to loved ones quickly and privately, generally avoiding probate.
People who want to distribute property to loved ones and name guardians for minor children.
People who want to specify their wishes for medical care and artificial life support in advance..
People who want to appoint an individual to make key legal and financial decisions on their behalf.
Is Court Involvement Required, If Not Contested ?
A living trust helps avoid probate court, saving your loved ones delays and court fees.
Yes. A last will must generally go through probate court
A living will does not generally require court involvement.
A power of attorney does not generally require court involvement.
Duration
No expiration date is required, but a living trust can have an expiration date. Can be revised or revoked at any time, unless A/B trust that has vested.
Does not expire but can be revised or revoked at any time.
Does not expire, but can be revised or revoked at any time.
Depends on the type of power of attorney, but can be revised or revoked at any time..
Designates guardianship for minor children?.
A NYLAWONLINE Living Trust includes a free "pour-over" will that allows you to name guardians for minor children.
A last will can establish guardianship for minor children.
A living will does not establish guardianship.
A power of attorney does not generally establish guardianship.
Outlines your medical wishes if you are unable to communicate?
A living trust does not state your medical wishes.
A last will does not state your medical wishes.
A Living Will allows you to make decisions regarding life support, pain medication, artificial nutrition, organ donation, and how anatomical gifts are to be distributed.
A Power of Attorney does not specify medical wishes.
Designates someone to handle your personal financial affairs?
A living trust designates a "successor trustee" to ensure your trust's instructions are followed.
A last will designates an executor (personal representative) to ensure your instructions are carried out.
A NYLAWONLINE Living Will includes a Healthcare Power of Attorney that appoints someone to make medical decisions on your behalf if you are unable to communicate your wishes.
A power of attorney assigns someone to handle specific legal or financial affairs. You can grant powers in as many or as few legal or financial areas as you choose.
When Does it become effective
As soon as the document is signed and the trust is funded. A living trust helps speed the transfer of assets to loved ones.
Upon your death. Probating an estate in court and distributing assets can take up to 3 years.
A Living Will goes into effect upon your incapacitation.
When signed immediately, or upon a specific event (e.g., incapacitation, travel). Dates of duration can also be specified.
Is it Private?
Yes. A living trust distributes assets privately and does not usually require probate court, unless contested
No. All last wills are probated in court and then become a matter of public record.
.Yes. The details of a living will are kept private between you, your family and your physician.
Yes. In general, the details of a power of attorney remain private
Compare the different estate planning documents to see which is right for you
www.nylawonline.com - Harmon Legal Services P.C.
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We Provide Affordable N.Y. Legal Services For You
www.nylawonline.com - Harmon Legal Services P.C.
1-877-283-5962
Living Trust Estate Planning Package for Single Person (Description)
$200
Learning about the Difference between a Will and a Living Trust
