Living Trust
Probate
Probate is the legal process through which the court supervises the implementation of your Will. The Court will order your assets to be inventoried and appraised; will make sure that your debts, including court costs, attorneys and executor fees are paid; referee any challenges or contests to your Will; and finally, relinquish the remaining estate to be distributed to your heirs. If you don’t have a valid Will, your estate must still go through the Probate system before being distributed to your heirs as defined under state law.
A Living Trust can help you avoid Probate because assets are placed in your trust during your lifetime so that the trust, and not you personally, own the assets when you die.