Definition

Probate is the legal process for settling a deceased person's estate: validating the will, paying debts, and distributing assets. It can be slow, public, and costly depending on the state. Assets with named beneficiaries or held in a living trust generally bypass probate, which is a key reason people use those tools.

1. Will

   A legal document directing how your assets are distributed after death.
2. Revocable Living Trust

   A trust you control during life that passes assets to heirs without probate.
3. Beneficiary Designation

   The named recipient on an account or policy, which passes the asset directly and overrides a will.