When we pass away, our property usually goes through probate– a process where the courts read our Will (if we have one), appoint an executor of our estate and determine how our properties must be distributed. This is referred to as “death probate.” Living probate works much the same method except that it happens while we are still living.
When we end up being seriously handicapped or incapacitated, it may end up being essential for a household member or good friend to take control of our affairs. To do this nevertheless, the court must declare us “inexperienced” and select an executor to supervise our estate on our behalf.
Living probate can be a lengthy and costly procedure and needs the executor or “guardian” to submit regular reports with the court, describing any cash that were invested and any other transactions that impacted our estate.
This process can also be rather degrading to the owner of the estate as the court needs proof of the individual’s incompetence.
Fortunately, there are ways to avoid living probate, but to do that, you’ll need the assistance of a certified estate planning attorney.