Probate is an overwhelming and often costly process for your loved ones to have to go through after you pass away. Property placed inside a revocable living trust means that you will not have to enter probate once you pass.
This is because your trust instrument will spell out who is eligible to receive the property. This is much like IRAs, life insurance, your employer’s retirement plans and annuities. Since there is a designated beneficiary on these policies and they do not go through the probate process. Jointly owned property such as anything with a right of survivorship also will not go through the probate process as it will pass immediately to the living joint owner.
An efficient trustee and successor trustee can help to determine the potential expenses and debts associated and then make these distributions appropriately when the time comes. Consulting with an estate planning attorney can help you figure out whether or not it is appropriate for you to place property inside a living trust for the purposes of avoiding probate.