Probate Administration
Probate is the court-supervised process for administering the estate of someone who has passed away, called the decedent. An executor or administrator is named by the court to settle the estate. Their main responsibilities include identifying and gathering the decedent's assets; identifying debts and notifying creditors; paying taxes, debts, and expenses; and distributing the balance to heirs/beneficiaries.
Trust Administration
It is a common misunderstanding that once a trust has been established, administration will occur automatically when the person that created the trust (the settlor) passes away. However, like an estate going through probate, the estate must still complete an administration process, but trust administration normally does not require court involvement and typically results in administration of the estate sooner and less costly than probate.
The trustee is responsible for identifying and gathering the decedent's assets; identifying debts and notifying creditors; paying taxes, debts, and expenses; and distributing the balance to beneficiaries.
