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Often, when one dies, they do so with assets in their name, such as real estate, stock, and business interests. These assets are often referred to as probate assets, because when you die with them in your name, your heirs cannot access them until they go through the court and attorney-involved probate process that takes place at a courthouse.
Many people often own some non-probate assets, like life insurance and retirement accounts, that are payable directly to beneficiaries upon your death - no judges, attorneys, or court orders required.
Some people create a living trust, transfer their probate assets to their living trust, and your trust provides what happens to the trust assets upon your death - who is in charge and who is entitled to own the trust assets. Assets titled in the name of your trust when you die do not need to go through the court and attorney-involved probate process.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
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By: America's Estate Planning Lawyers
Title: Living Trusts Explained In Under 3 Minutes
Sourced From: www.youtube.com/watch?v=UsQzAzysehI
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