When we die, our property usually goes through probate– a procedure where the courts read our Will (if we have one), designate an administrator of our estate and identify how our properties ought to be dispersed. This is called “death probate.” Living probate works much the same method except that it occurs while we are still living.
When we end up being seriously handicapped or incapacitated, it might become necessary for a member of the family or pal to take over our affairs. To do this however, the court should declare us “incompetent” and designate an administrator to oversee our estate on our behalf.
Living probate can be a prolonged and costly procedure and needs the administrator or “guardian” to file regular reports with the court, detailing any cash that were spent and any other deals that affected our estate.
This process can likewise be somewhat degrading to the owner of the estate as the court needs proof of the individual’s incompetence.
Fortunately, there are methods to prevent living probate, however to do that, you’ll require the help of a qualified estate planning lawyer.