Most people prefer not to think about dying and their demise while they are still alive. Morbid as these realities are, however, they could happen unexpectedly and at any given time. A debilitating disease, a stray bullet, or an accident may suddenly end the life of a strong and healthy individual. A practical move for the living therefore, is to be prepared for any eventuality. And that’s where wills and living trusts come in.

Both of these written documents stipulate who will manage and benefit from a person’s property and possessions after he or she dies. But while a will requires court approval, a living trust does not. A living trust also mandates that the assets of a person are all put in trust and managed for the trustee’s benefit during his lifetime. The trustee could be the person who set up the trust or his named successor, which could be an individual or an institution. The successor trustee has the responsibility of handling the original trustee’s assets should the latter be unable or unwilling to do so.