Probate is the process whereby a deceased person’s estate is legally taken care of meaning debts and assets are paid and distributed. The probate process requires filing the will and related documents with the court, disclosing assets and debts to the court, and being subject to the court’s discretion. When possible (and it usually is), probate should be avoided.
Avoiding probate can be done with a simple trust and titling assets correctly. Additionally, this type of planning does not have to be expensive, but it must be done correctly and timely. You can also keep control and terminate the trust if the right kind if trust is used.
As you make your end of life decisions, keep in mind the issues involved with probate.