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A will is a legal document that outlines how a person's assets, property, and possessions should be distributed after their death. It can also appoint guardians for minor children and name executors to administer the estate.
A trust is a legal arrangement where assets are managed by a trustee on behalf of beneficiaries. Trusts can help protect assets, reduce inheritance tax in certain circumstances, and ensure wealth is distributed according to the settlor's wishes.
A disposition refers to the legal transfer or distribution of property or assets. This may occur through a sale, gift, inheritance, or as directed by a will or trust.
Probate is the legal process of confirming a deceased person's will and granting authority to the executor to administer the estate, pay debts, and distribute assets to beneficiaries.
Not always. Probate may not be necessary if the estate is small or if assets are jointly owned and automatically pass to the surviving owner. Requirements depend on the nature and value of the estate.