What are the key differences between estates and trusts for dummies?

Estates are legal entities that hold assets and debts of a deceased person, while trusts are legal arrangements where a trustee manages assets for the benefit of beneficiaries. Estates are typically created upon a person's death, while trusts can be created during a person's lifetime. Additionally, estates are subject to probate court oversight, while trusts can avoid probate and provide more privacy and control over asset distribution.