When we die, our property generally goes through probate– a procedure where the courts read our Will (if we have one), appoint an administrator of our estate and identify how our properties should 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 disabled or incapacitated, it may become needed for a member of the family or pal to take control of our affairs. To do this nevertheless, the court should declare us “inept” and select an administrator to supervise our estate on our behalf.
Living probate can be a prolonged and pricey procedure and requires the administrator or “guardian” to submit routine reports with the court, laying out any loan that were invested and any other transactions that impacted our estate.
This process can likewise be rather degrading to the owner of the estate as the court needs proof of the individual’s incompetence.
Fortunately, there are methods to avoid living probate, however to do that, you’ll require the aid of a competent estate planning attorney.