Will, or "Last Will & Testament" as some prefer to call it, simply directs what happens to your estate after death and is governed by the costly and time consuming probate process. A Living Trust, as the name implies, provides benefits both during and after your lifetime. It enables your estate to avoid the probate process and has many other benefits unknown to a common Will.

The Trust takes precedence over the will. For example, if you leave $100,000 in stocks in a valid Will to John Doe, and then later execute a Revocable Living Trust leaving the same stocks to Jane Doe. Jane Doe receives the stocks upon your death because the trust takes precedence. Suppose further that you first place the stocks in a Revocable Living Trust for John Doe and later executed a valid will leaving the same stocks to Jane Doe. In this case, John Doe receives the stocks. The trust takes precedence over the Will no matter whether it was executed before or after the will.

You are entrusting great responsibility to this person and that choice should be made with great care. Family members and close friends are your best prospects.

Yes. Your Trustees are responsible under the law, to both you and your beneficiaries, and can be sued and /or imprisoned for dishonesty or dereliction of their duties.