Final answer:
A trust involves a trustor creating an estate planning tool to manage assets for beneficiaries, handled by a trustee. It becomes irrevocable upon death, and assets are distributed privately, contrasting with intestate situations where state laws govern asset distribution.
Step-by-step explanation:
The question posed pertains to the Trust states and roles of trustor and trustee within a deed of trust. In the context of estate planning, a trust is a legal entity that holds assets for beneficiaries, which is managed by a trustee.
The trustor is the person who creates the trust, contributing assets into it, while the trustee is the entity responsible for managing the trust in accordance with the trustor's wishes as delineated in the trust agreement. Upon the death of the trustor, the trust typically becomes irrevocable, meaning the terms can no longer be altered. The trustee then works alongside an executor to ensure the transfer of assets to the heirs or beneficiaries as intended by the trustor.
If a person dies intestate, without a will or trust, their assets are distributed according to state intestacy laws. In contrast, a will explicitly states a person's wishes regarding asset distribution but is subject to probate, making it a public record.