This week’s Word to the Wise for estate planning is:

Probate: A public court process by which a will is viewed, an estate is itemized and valued, and assets are divided under the supervision of a judge.

Why does “probate” matter in estate planning?

It matters because you may not want it to happen after you die.

Probate arises one of two ways.

You die without an estate plan. Or you die with a will.

Dying without an estate plan means you die “intestate”—and a probate court uses state law to determine things like the guardianship of your children and your asset distribution. Most people want to avoid this.

Dying with a will, though, still leads to probate. Even though your will outlines what you want done with guardianship and assets, everything still must be handled publicly through a probate court. This adds time and expense.  Those who want to avoid publicity, added costs, and time delays should create a trust. LegacyWise can help you craft one.

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