Probate is a process that an estate must pass through after a person dies unless the estate is relatively small. Several aspects of the probate process, most notably the asset distribution, will be guided by the deceased’s will. However, if the deceased failed to make a will before they passed, the process will provide a way of addressing the situation.
The probate process does present some concerns that people often try to avoid. One is the potential for the process to turn contentious more easily, particularly in high-asset cases. The probate process generally involves more exposure to expenses from something like taxation or creditors.
Additionally, the probate process is not private, which means someone’s estate and distribution will be available to the public. Unsurprisingly, many people choose to mitigate some of these issues through the use of trusts.
