When we die, our property typically goes through probate– a process where the courts read our Will (if we have one), appoint an executor of our estate and identify how our properties need to be dispersed. This is understood as “death probate.” Living probate works similar way except that it happens while we are still living.
When we end up being seriously handicapped or incapacitated, it might become needed for a relative or friend to take control of our affairs. To do this however, the court should state us “inexperienced” and select an executor to oversee our estate on our behalf.
Living probate can be a lengthy and pricey process and needs the executor or “guardian” to file routine reports with the court, outlining any loan that were invested and any other deals that affected our estate.
This process can also be rather degrading to the owner of the estate as the court needs proof of the individual’s incompetence.
Fortunately, there are methods to avoid living probate, but to do that, you’ll require the help of a qualified estate planning attorney.