A trust is a legal entity that holds property and/or assets for someone else's benefit. The individual (the grantor) who drafts or creates the trust basically entrusts their assets and real property to a trustee. Basically, it is an additional management and protection for your personal assets. The trustee essentially manages for the benefit of the beneficiary in carrying out the wishes of you, the grantor.
Planning your Last Will and Testament can be a difficult decision. However, it is one of the greatest gifts you can give to yourself and your family. It is essentially your way of controlling and making your wishes known after your death. Without a Last Will and Testament, your estate will be divided according to state laws. In the event of not having a Last Will and Testament, family members, which you may not wish to receive an ownership of your assets, could potentially gain an undesired portion. By drafting your Last Will and Testament, the courts ensure your assets and real property are distributed in accord with your wishes.
Probate is the legal procedure that validates and carries out the desired wishes of the deceased as directed in the individual's Last Will and Testament. The purpose of probate is to give the decedent's assets to the inheriting individuals (heirs, beneficiaries, and/or organizations). When a loved one names an executor and/or executrix in their will, or the court chooses an administrator, they must follow a number of steps to properly adhere and administer the decedent's estate. The process of probating a Last Will and Testament generally takes less than six months, if uncontested. It is all dependent upon the estate, possible creditors, taxes, and beneficiaries.