Probate is seen by most as a very negative process and one to be avoided at all cost. Probate is not the big, bad wolf, it is simply the legal process that takes places after someone dies. The primary purpose of the probate process is to pay the deceased person’s debts and taxes and transfer his property to his heirs and beneficiaries. True, probate is time consuming and can be costly. However, sometimes an attempt to avoid probate can end up costing a person much more.
Example- John, hearing about the horrors of probate, decides to gift his home, which he purchased in 1951, to his children… Read the rest