There can be a lot of confusion when someone passes away. When people call me to tell me about the will or trust mom or dad has left behind, many times they do not know if they have a trust or a will. Many individuals who I speak with use the terms trust and will, as well as trustee, executor and administrator, interchangeably. Trusts and wills are different. However, both are used to distribute assets after a loved one passes away.
A major difference is the process. A trust administration does not require court oversight unless someone such as a beneficiary requests it. If there is a will and a trust, many times a probate is not required. If there is only a will, probate is required. If there are no estate documents, a probate is required.
The main point of an administration of a will or trust is the fiduciary identifies and secures the assets, pays the expenses and distributes the remainder of the assets to the beneficiaries....
Just two quick steps to make sure you are up to date with the most current information available.