Probate is the legal process through which a deceased person’s assets are distributed to their beneficiaries or heirs. It involves proving the validity of the will, identifying and valuing assets, paying off debts, and distributing the remaining assets.

Probate can be a lengthy and expensive process. It can take several months or even years to complete, tying up assets that could otherwise be distributed to beneficiaries. Additionally, probate fees and attorney costs can significantly reduce the value of the estate.

Estate planning allows you to utilize strategies and tools that can help your assets pass directly to your beneficiaries outside of probate. This may include setting up a living trust, designating beneficiaries for retirement accounts and life insurance policies, and making gifts during your lifetime.

A living trust is a legal document that allows you to transfer your assets into a trust during your lifetime. You can serve as the trustee and maintain control over the assets, but upon your death, the trust assets pass directly to your chosen beneficiaries without going through probate.

Yes, estate planning can also help minimize estate taxes, protect assets from creditors, provide for minor children or family members with special needs, and ensure your healthcare and financial decisions are carried out according to your wishes if you become incapacitated.