Many individuals cannot distinguish the differences between wills and trusts. Most consumers often confuse the two terms for naming the same item. Trusts are a property management arrangement in which one person manages the assets on behalf of the beneficiary. Wills, on the other hand, are a legally binding testament that directs how to distribute one’s possessions after the creator of the will has died. However, if a will does exist, the will must go through a probate process in order to determine the veracity and authenticity of this last statement. Following the verification of the true nature of the will, the executor of the will becomes responsible for the estate and fulfilling the deceased individual’s last requests.

The probate process involves the following steps:

• Provide evidence that the will is valid.
• Create a list of all assets owned by the deceased.
• Notify the individuals mentioned in the will.
• Notify current creditors.
• Have all assets appraised.
• Pay off all debts and taxes.
• Distribute all remaining assets as stated in the will.

If the deceased individual failed to create a will or trust, then the laws of the intestacy for the state will apply. The state will then determine the systematic distribution of the assets in question. This why having wills and trusts created before it is too late proves prudent. If you are interested in wills and trusts to use as a tool to bequeath your possessions to your love ones, then you should contact a lawyer that specializes in probate law. In order to be sure that your wishes will be respected and followed according to your requests after you are gone, you should seek the assistance of a probate lawyer who will be able to help you draft a will or trust.