What is the difference between probate and trust? They are both processes that are initiated after someone passes away and pertain to assets. Probate attorney Kyle Robbins explains how these processes, while similar, have significant differences.
Hey everyone, Kyle Robbins here with the Law Offices of Kyle Robbins.
So what’s the difference between probate and a trust? Well, probate is the process of transferring assets to a family member via the probate court system. So when someone passes away, if they have assets in their name, either they have a will and that will has to go through probate court to transfer the assets, or if they don’t have a will you still have to go through probate court to transfer the assets. A trust is a tool that estate planners use to potentially prevent families from having to go through probate.
So if I put a house into a trust, I typically will name a successor trustee when I pass away to take over, and that person can take control of the house and sell it when I pass, without having to hire a probate attorney or go in front of a probate court. So simply put, a trust is a tool designed to prevent people from having to go through probate. Anything else that is not put into a trust or does not have a beneficiary designated, typically has to go through probit court to transfer the asset to the family when someone passes.