The Journal: “Far too many people think, “I don't have an estate. I don't need to do any estate planning.”
But there are more aspects to estate planning than just signing a will. Medical, current financial and other decisions also play an important role.
The differences between the similar sounding living will and living trust often causes confusion. The first is for medical purposes; the other is financial.
A living will provides authority for certain last medical measures when in a terminal condition and has nothing to do with transferring assets or property after death.”