A will is a legal document that outlines how you want your assets distributed after your death, but it must go through probate, a court-supervised process. Generally, a trust lets you place assets into a legal entity managed by a trustee, allowing them to be distributed without going through probate, often more quickly and privately. Trusts can also take effect during your lifetime, while a will only takes effect after you die.

A living will is a document that outlines your medical treatment preferences if you become incapacitated and unable to communicate, such as whether you want life-sustaining measures like ventilators or feeding tubes. In contrast, a last will (or last will and testament) directs how your assets should be distributed after your death. Simply put, a living will applies while you are alive but unable to decide for yourself, whereas a last will applies after you have passed away.

When a person dies without a will (intestate), their assets are distributed according to intestacy laws. Typically, this means a spouse and children inherit first, followed by other close relatives. The court will appoint an administrator to manage and distribute the estate, which can sometimes lead to unintended outcomes for the deceased’s heirs.

The length of probate varies depending on the complexity of the estate and whether there are disputes among heirs. On average, it takes between nine months to over a year. However, if there are complications such as will contests or creditor claims, it can take significantly longer.

Probate is the legal process of administering a deceased person’s estate, ensuring that debts are paid and assets are distributed according to their will (or state law if there is no will). Probate is typically required when the deceased owned assets solely in their name without designated beneficiaries. However, smaller estates (less than $75,000) or those with assets in trusts or joint ownership may bypass probate.