Probate is a four-letter word. Okay, so it's actually seven letters, but it's a pain just the same. But what is it?
In layman's terms, probate is the process that happens when the court has to step in and decide who gets your money. If you don't have a will, for example, your friends and family can't just dive in and start dividing your assets. Probate is beneficial from this perspective, and it also ensures that your final debts are paid.
On the downside, probate can keep your spouse and children (or even charities) from receiving gifts you plan to leave. You have a legal line of succession, and if you want to bypass that, such as if you are estranged from someone you are still technically married to, having an asset protection plan in place ensures your money goes where it belongs.
