Legal Question in Wills and Trusts in Florida
Living Will
Is a Living Will the same as a Revocable Living Trust? If not, what is the difference? I would like to be able to give my children immediate access to sell my home upon my demise without having to go through probate. If my children get immediate access, what are their financial responsibilities? I assume they would have to continue to pay the mortgage. What are the tax responsibilities?
1 Answer from Attorneys
Re: Living Will
A WILL is a document telling the probate court how you wish your assets distributed at your death and appointing the person you wish to be in charge of that process. A LIVING WILL is a document that states you do not wish to be kept alive by artificial means if you are dying and there is no chance of recovery. A LIVING TRUST is the same as a revocable living trust. Once the home is theirs, they would have to make the mortgage payments, and pay the real estate taxes if they are not included in the mortgage payments
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