Unlike a will, "A living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way by also covering you while you are alive. A will does not protect you if you become ill and incapacitated. But a trust will determine who will take care of you and pay your bills." A key difference between a will and a living revocable trust is that the living trust has an incapacity clause that states who you want to sign for your affairs in the event you are unable to do so for yourself.
Generally, most people choose to execute a revocable trust, however, certain circumstances may call for an irrevocable trust. The key difference between a revocable trust and an irrevocable trust is that an irrevocable trust cannot be modified or terminated without permission of the beneficiary. Either way, it's important to contact an attorney to set yours up immediately. To get started, you can call Daneshvar Law at (310)474-5802 or e-mail us at info@DaneshvarLaw.com.