A will is a written document you sign in the presence of at least two witnesses and a notary. In a will, you appoint someone to act as your executor . A living trust is also created by a written document signed by you. Furthermore, you appoint someone to act as trustee. During your life, you may be the trustee.
Wills offer two principal advantages over living trusts.
Medicaid is a government program that pays for medical services to disabled persons, regardless of their age. As you no doubt know, medical services can cost many thousands of dollars. As you can well imagine, due to the cost of health care, Medicaid spend-down requirements can devastate a family's finances. However, through a special trust that is inserted within your will, called a Supplemental Needs Trust, assets you leave to your surviving spouse may be protected from the Medicaid spend-down requirements. A special statute, known as the Probate Act, requires creditors to assert claims against a deceased person's estate within six months after probate begins.