Living will vs living trust
A living will is a document wherein that you state that you don't want to be kept alive by machines. A living trust is a document where, if properly funded, will avoid probate on those assets owned by the trust.
Chrissy: Living will versus living trust.
Attorney Tom Olsen: Okay. People get those terms confused all the time. They are two completely different things. A living will is a document where you ask that you not be kept alive by machines. It's what I call a pull the plug document, a living will. A living trust is a document that people are using to avoid probate. I've been a lawyer for 35 years and I've been doing living trust since 1990s, so, for 25 years. People have been getting those two terms, living will versus living trust, confused in that entire time. Living will, pull the plug. Living trust, used to avoid probate.
Chrissy: Last will and testament is what the proper term for a will. So, there is last will and testament. Living will, pull the plug document. Living trust, avoids probate.