What is Probate?

Probate is probably one of the most misunderstood things in the law.  Probate is where someone has passed away and their name is on an asset and we have to take their name off the asset to transfer it to their heirs.  The problem with probate is that it is fairly complex, time consuming and can be expensive once you have to get attorneys and the courts involved.  In many places wills are placed on the internet, and in many places people are required to file a list of the deceased’s assets and that list gets placed on the internet for everyone to see.  So the biggest problems with probate is cost, delay and loss of privacy. The best alternative to probate is fully funded revocable living trust prepared by a qualified estate planning attorney.