Last Wills & Revocable Living Trusts

A Last Will and Testament provides for the distribution of assets at death through a court process called probate. A personal representative or executor is appointed by the probate court to collect a deceased individual’s assets, pay final bills and taxes, and distribute any remaining assets under court supervision.

 

Individuals oftentimes use Revocable Living Trusts in an effort to provide for a distribution of assets without going through probate. Trusts are set up during lifetime by naming a trustee who manages assets for the trust-maker on behalf of a beneficiary. At death, the trustee simply follows the deceased person’s wishes for distribution without court supervision.

 

BACK