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Will
A will is a legal document that states:
How do you want your assets (money, real estate, possessions, etc.) to be distributed after your death?
Who will be the executor—the person responsible for ensuring the will is properly executed?
Who will be the guardian for the minor child (if any)?
Without a will, the state will distribute assets according to legal regulations (inheritance law), which may not be in line with your wishes.
Trust
A trust is a legal agreement in which one party (trustee) holds and manages assets for the benefit of another party (beneficiary).
Common types of trusts include:
Revocable Living Trust – established while you are alive, it can be amended or canceled; it helps avoid probate procedures.
Irrevocable Trust – cannot be easily modified; often helps reduce taxes and protect assets.
Trusts are commonly used for:
Avoiding probate procedures → saves time, maintains confidentiality.
Managing assets for children or relatives who need support.
Reduce property taxes or protect property from litigation.
Authentication procedure
Probate
Probate is a court process to validate the legality of a will and distribute assets according to the will's contents (or according to law if there is no will).
The process typically includes:
Submit the will to the competent court.
Appointing an executor or administrator of the estate.
Pay off debts and taxes.
Distribute the remaining assets to the beneficiaries.
The probate process is often time-consuming and public, so many people choose to create a Trust to avoid this process.