When we pass away, our property generally goes through probate– a procedure where the courts read our Will (if we have one), appoint an executor of our estate and determine how our assets must be dispersed. This is known as “death probate.” Living probate works much the same method other than that it takes place while we are still living.
When we become seriously disabled or incapacitated, it might end up being required for a member of the family or pal to take control of our affairs. To do this however, the court should state us “incompetent” and designate an executor to supervise our estate on our behalf.
Living probate can be a prolonged and pricey process and requires the executor or “guardian” to file routine reports with the court, describing any monies that were invested and any other transactions that affected our estate.
This process can also be rather degrading to the owner of the estate as the court needs evidence of the individual’s incompetence.
Fortunately, there are methods to avoid living probate, however to do that, you’ll require the assistance of a competent estate planning lawyer.