When we die, our property normally goes through probate– a procedure where the courts read our Will (if we have one), select an executor of our estate and determine how our possessions must be distributed. This is referred to as “death probate.” Living probate works similar way other than that it occurs while we are still living.
When we become seriously handicapped or incapacitated, it may become essential for a household member or friend to take over our affairs. To do this nevertheless, the court needs to declare us “incompetent” and select an administrator to supervise our estate on our behalf.
Living probate can be a lengthy and pricey process and requires the executor or “guardian” to file regular reports with the court, laying out any cash that were spent and any other deals that impacted our estate.
This procedure can likewise be somewhat degrading to the owner of the estate as the court requires evidence of the individual’s incompetence.
Fortunately, there are methods to avoid living probate, but to do that, you’ll need the aid of a competent estate planning lawyer.