Probate

Will

A legal document specifying how assets should be distributed after death and naming guardians for minor children. Must go through probate court to be executed.

Executor (Estate)

The person named in a will who is responsible for carrying out the deceased's wishes, managing the estate through probate, paying debts and taxes, and distributing assets to beneficiaries. Being an executor is a significant responsibility that involves legal obligations, financial management, and often a considerable time commitment. If no executor is named or the named executor is unable to serve, the court will appoint an administrator to fulfill the role.

Trust

A legal arrangement in which one party, called the trustee, holds and manages assets on behalf of another party, known as the beneficiary. Trusts can be used to control how and when your assets are distributed, potentially reduce estate taxes, and avoid the probate process. There are many types of trusts, each designed to address specific financial and estate planning goals.

Intestate

The legal status of a person who dies without a valid will, leaving the distribution of their estate to be determined by state intestacy laws. These laws typically prioritize spouses and direct descendants, but the exact rules vary by state and may not match what the deceased would have wanted. Dying intestate often results in a longer, more expensive probate process and can create family disputes over asset distribution.