If a person passes away with no planning documents in place, his/her assets will go through probate. Probate, which is the process by which the deceased person's property is passed to his or her heirs and legatees. The entire process however, is supervised by the probate court, and usually takes about a year.

The emotional trauma brought on by the death of a close family member often is accompanied by bewilderment about the financial and legal steps the survivors must take. The spouse who passed away may have handled all of the couple's finances. Or perhaps a child must begin taking care of probating an estate about which he or she knows little. And this task may come on top of commitments to family and work that can't be set aside. Finally, the estate itself may be in disarray or scattered among many accounts, which is not unusual with a generation that saw banks collapse during the Depression.

What’s the point? Avoid Probate With Good Planning Now!