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Many of us have heard of “probate” but don’t really know what it is. Often it seems to have attached to it some of the same connotations as a disease: Avoid it if possible. And it is sometimes possible to avoid probate by use of a trust…… but that’s a discussion for another time. Here’s what going to happen to your assets when your time comes.
After you die assets that have a title (your home, any other real estate, your car, stocks, bonds, etc.) are still in your name. However, you’re no longer around to sign the documents necessary to transfer those assets to anyone else. So your death poses two problems: 1) Who should your assets go to, and 2) How can they be transferred if you’re no longer able to sign the deeds, titles, etc. The answers to these problems give rise to the need for probate if you have a...