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What is Probate?
Probate is the formal legal process that gives recognition of a will and appoints an executor or personal representative to administer assets. The laws vary from state-to-state, so it’s important for people who are planning on leaving their estates behind them in this fashion consult with attorneys beforehand about whether they’ll need probate proceedings at all as well as what must be done if probate will be necessary.
Many people believe that probate proceedings are expensive and prolonged, while this is true in most cases, the best proactive plan is an effective estate plan that includes a living trust.
Probate is an inevitable part of the estate process, but it doesn’t have to be as difficult or time consuming. Probate avoidance techniques should be employed to ensure that most assets transfer during your lifetime with the remaining shortly after passing.
In planning your estate, more important than minimizing probate is making sure that you don’t find your estate assets tied up in litigation between your loved-ones, or heirs.