At the time of your death, the way your assets are titled is what determines whether your heirs and beneficiaries will have to go through the time-consuming process of probate or whether they can distribute your remaining assets as you would have wanted were you still alive.

Probate?

When a person dies, the assets (money, real property, personal property, etc.) in their name have to be transferred, but to whom?  This is where the Probate process comes in. 

A probate is a formal (involving the Court) or informal process by which assets held in the name of a decedent are passed to the appropriate heir or beneficiary.  If you have a Will, the assets that go through probate are passed to the beneficiaries named in the Will according to the terms in the Will.  If you do not have a Will (shame on you), they will be distributed pursuant to the terms in the probate code - your kids, your parents, your brothers and sisters - etc. and on down the line.

There are many drawbacks to the Probate process.  Even if the estate is relatively uncomplicated, the probate will take a minimum of 8-12 months. For complicated estates, it can take years.  And, because a formal probate goes through the Court, everything becomes public.  Finally, going through a probate is expensive when compared to the alternative.

Summary administration and informal probate

• Conservatorships
• Guardianships

But what is the alternative? 

Having an estate plan in place that involves durable powers of attorney, health care directives, and living trusts is the alternative and is much more cost effective, private, and less time consuming.  With a Living Trust, your assets have been transferred out of your name and into your Trust during your lifetime.  So, at the time of your death there is nothing left in your name to be probated.

Trust Administration

• Private and does not involve the Court
• Can be done quickly - the Trust itself allows you to prepare in advance so that upon your death there are not as many decisions to be made.

Probate and Trust Litigation

• Remedies for Elder Abuse