Those assets, which are subject to probate, make up the decedent's estate. The assets of the estate are used to pay the decedent's debts and the remaining assets are distributed according to his will or, if there is no will, the state laws of intestacy. Some trusts are used to avoid taxes, either during the grantor's lifetime, at the grantor's death, or both. Trusts may also be used to provide for management of assets by someone other than the grantor. Trusts are often used to avoid the probate process.
Trusts can be revocable during the grantor's lifetime or irrevocable once established.
Trusts can be created during the grantor's lifetime or established only after the grantor's death. Many state and federal laws control the validity, interpretation, and taxation of trusts. Wills Wills guide a probate court as to how a person's property and assets should be handled after death. A will can establish a trust or make gifts to charity. Without a will, the government determines how property will be distributed, and may impose a substantial tax burden on the estate.