The word probate just sounds formidable. Whether you have been toying with the idea of getting involved in the probate process or have concerns about the way a trust or estate is being handled, you may have heard the word 'probate' thrown around by those involved. So what is probate and how can it be avoided?
Trusts, wills and estate plans are often made up of family members, once designated by the head of the family who may or may not be able to intervene in the day-to-day of these accounts. There could be many reasons for setting up these estate plans, trusts or other form of financial management. It could be because the originator of the estate had a certain plan for their remaining finances. It could be for the tax breaks.