What is the difference between a Probate Estate and a Trust Estate?
As mentioned above, your estate is simply everything you own — your home, other real estate, bank accounts, investments, retirement benefits from your employer, IRAs, your insurance policies, collectibles, and personal belongings. A trust estate are those items you own which have been titled in the name of the trust usually during your lifetime, and which you may still retain some control or benefit over. On the other hand, a probate estate comes into existence only after a person dies. Therefore, the benefit and the control of the property are placed with someone else.
