estate vs trust

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Latest post Tue, Jun 26 2007 2:18 PM by Ford. 2 replies.
  • Mon, Jun 25 2007 9:34 PM

    • mks420
    • Not Ranked
    • Joined on Sun, Jun 17 2007
    • Posts 5

    Question [=?] estate vs trust

    in calif what is the difference
  • Tue, Jun 26 2007 12:42 PM In reply to

    re: estate vs trust

    An estate is essentially what you personally own at death. A trust is a separate entity created to hold assets for the benefit of other persons or entities.
  • Tue, Jun 26 2007 2:18 PM In reply to

    • Ford
      Lawyer
    • Top 10 Contributor
    • Joined on Thu, Mar 16 2000
    • Posts 12,797

    Feedback [*=*] re: estate vs trust

    A trust is a vehicle for separating the beneficial use of property from its ownership. For instance, a bank account is held in trust by John Smith - making him the owner and imposing duties upon him - for the benefit of Annie, Brad and Cathy Johnson - juveniles who are allowed the benefit of the income from the account.

    There are several kinds of estates, but the most common usage would be that property held in ownership by a decedent at the time of his death, and not divested from his ownership by virtue of the death.
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