You can specify who you would want to assist you with providing for your food, clothing and shelter if you were to become unable to do so for yourself. You can also name a certain person to assist you in managing your financial affairs in case you were to become unable to do so. This could be the same person whom you name to assist you in providing for your food, clothing and shelter, or a different person. A living trust may also be used to accomplish these goals. Probate is the process of gathering the assets of a deceased person, paying the deceased person's debts, and transferring ownership of the asset to the persons who are entitled to receive them under the deceased person's Will or through the laws of intestate succession if the deceased person did not leave a valid will.
Probate is a public process.
This means that the probate file at the court house is available for inspection by anyone who wants to take the time to go to the court house and look at it. Life Insurance is not taxable as income to the named beneficiary. However, it is included in the policy owner's estate for estate tax purposes. Tax on life insurance proceeds can be avoided through the use of an Irrevocable Insurance Trust. This is a very specialized type of trust.