Wills and Trusts are two different estate planning documents that serve different purposes. A Will outlines a person’s wishes for the distribution of their assets upon their death. Wills take effect after death and must go through probate. Trusts transfer assets to a trustee (typically the owner during their lifetime) who manages and distributes them according to the terms of the Trust. Trusts can take effect while a person is still alive and avoid probate. Wills and Trusts are generally not mutually exclusive but can be used together for different purposes.

Probate is a court-supervised proceeding that authenticates your Will and approves your named Executor so he/she can distribute your property and belongings. During the probate process, after all of your assets are located and assessed for value, taxes and debts are paid and the remaining value of the estate is distributed. In cases where there is no Will, the process is more complicated. Because there is no documentation of your final wishes, it is up to the courts to handle proceedings and make all decisions regarding your property and assets for you.

Trust administration manages and distributes assets within a Trust post-grantor's death, privately, without court oversight. Its goal is to uphold the grantor's wishes as detailed in the Trust. This includes settling debts, paying taxes, and ensuring beneficiaries get their inheritance. Unlike probate requiring court involvement, trust administration is direct. This often saves time and legal expenses. However, it demands attention to Trust terms. Maintaining integrity and the grantor's intentions is paramount.