When you are thinking about your estate, it is important to know the difference between a will and a trust. A will is subject to probate and takes effect only when the testator passes away.
A trust, on the other hand, takes effect upon its creation. More importantly, a trust avoids the time and hassle associated with probate.
Probate is the judicial process of appointing personal representatives, validating certain documents, and transfer of assets that did not automatically transfer upon death.