Does a trust have to go through probate?
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Does a trust have to go through probate?
My uncle left a trust and named me in it. I need to understand the differences in a Trust from other types of Wills.
Asked on August 12, 2012 under Estate Planning, Alabama
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The differences and pros and cons of each are too voluminous to go through here. Simply put, a Will is a document that distributes the assets of a person when they die. A trust can be a living trust of the decdent (which can be revocable or irrevocable) that allows them to transfer their assets in tot he trust to avoid probate and name beneficiaires of the trust assets. You can also create a trust for another. A trust, though, is a contract and you can set limitations where is a WIll you can not. For example, if a person is the beneficiary under the WIll of $10,000 they receive the money when probate is completed. In a Trust the settlor can stipulate that the trust beneficiary receive the money at the age of 25. Get a copy if you can and have some one explain it to you in person. Good luck.
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