If the trust owns the property and was set up prior to and not by the will, then the will has NO power over the property: the property is not part of the estate because it was not owned by the decedent, but rather by the trust, and a person's will cannot dispose of property not owned by him but rather by another (including a trust or, for that matter, LLC or corporation). As trustee, your obligation is only to follow the directions or instructions in the trust for what to do with property--you don't have to follow the will.