It is also the process by which the executor gathers assets, pays creditors, and distributes assets. The length and expense of probate are its chief disadvantages. The fact there is judicial supervision is its chief advantage. What happens in Probate. There may be very good reasons to avoid probate altogether.
Joint tenancies are the easiest and simplest form of probate avoidance.
No fancy documents are required, and in some jurisdictions it is the assumed mode of ownership. These are discussed below. The trustee is a fiduciary. That means he, she or it has to take care not to mistakes and is held in a position of special trust. A living trust is a trust you create in your lifetime to hold your assets.