Elder Law and Estate Planning lawyers often use confusing terms to describe the documents that they prepare. One example is a “living trust” also called a “revocable trust” or “inter vivos trust”. All of these refer to a document that attempts to avoid probate by having a trust set up to take possession of a person’s assets and spell out the terms of distribution in the document, thus avoiding the need to file for probate (but not always).
“Living Will”, often a part of a document called an “advanced directive”, does not refer to a Last Will and Testament. It is a document which recites an individual’s wishes about end-of-life decisions such as when treatment should be halted and nature allowed to take its course.
“Last Will and Testament” describes a document that is filed for probate and designates who gets what of an individual’s assets when he or she passes away.
