Frequently individuals who have their Estate Planning done professionally by an experienced Estates & Trusts attorney employ Trusts as part of their plan. Executed correctly, a Revocable Living Trust, an Irrevocable Trust or other types of Trusts can minimize or even fully negate the Probate process. In other instances, the decedent’s Last Will and Testament may have a Trust that springs alive from the Will upon death. This is known as a Testamentary Trust. With a Testamentary Trust, the Trust is generally the sole beneficiary of the Estate. The Trust will then manage and distribute the assets it inherits from the Estate based upon the terms of the Trust. While Trusts are beyond our scope here, they can provide many benefits beyond simplifying or eliminating probate. Be sure to ask your Estates & Trusts attorney if you might benefit from a Trust as part of your Estate Plan.
Note that a Trust has a Trustee or Trustees. The Trustee is similar to the Personal Representative in that they are a Fiduciary and are charged with prudent management and distribution of Trust assets according to the stated intent of the Trust instrument. In some Estates, the Personal Representative and Trustee may be the same individual(s) and in others they may be different. These decisions are made by the individuals making the Will (Testators) and the individuals establishing the Trust (Grantors or Trust makers). Unlike the administration of an Estate, administering a Trust may be a very long-term commitment and often requires the advice and counsel of an Estates & Trusts attorney.