You may have heard that you should avoid probate, but you may not even be sure what probate is. Here are the basics.
Probate is a legal process that takes place after someone dies.
Typically, probate involves paperwork and court appearances by lawyers. The lawyers and court fees are paid from estate property, which would otherwise go to the people who inherit the deceased person's property. The executor proves the validity of your will and presents the court with lists of your property, your debts, and who is to inherit what you've left. Then, relatives and creditors are officially notified of your death. Your executor must find, secure and manage your assets during the probate process, which commonly takes about a year.