A3-- What is Living Probate?
When we pass away, our property typically goes through probate– a process where the courts read our Will (if we have one), designate an executor of our estate and figure out how our properties need to be distributed. This is referred to as “death probate.” Living probate works much the exact same way other than that it occurs while we are still living.
When we become seriously handicapped or incapacitated, it might end up being needed for a household member or buddy to take control of our affairs. To do this however, the court should state us “incompetent” and designate an administrator to manage our estate on our behalf.
Living probate can be a lengthy and costly process and requires the executor or “guardian” to file regular reports with the court, describing any monies that were invested and any other deals that impacted our estate.
This procedure can also be rather degrading to the owner of the estate as the court requires proof of the person’s incompetence.
Fortunately, there are ways to avoid living probate, however to do that, you’ll need the assistance of a certified estate planning lawyer.