What is probate and why should I try to avoid it?
Probate is the legal process that is used to transfer title of assets from the decedent (person who passed away) to his or her devisees (recipients named in the will) or heirs (recipients named by law). Probate can be informal or formal, depending on the situation which includes but is not limited to looking at the amount of assets owned at the time of passing and how those assets are titled. The probate court will validate the will, if there is one, or apply the intestate laws, if there is not, to distribute assets and settle debts. Intestate laws apply when there is no will and the assets...