When we die, our property normally goes through probate– a process where the courts read our Will (if we have one), select an executor of our estate and identify how our possessions should be distributed. This is called “death probate.” Living probate works similar way except that it takes place while we are still living.
When we become seriously handicapped or incapacitated, it might become needed for a family member or pal to take over our affairs. To do this nevertheless, the court should declare us “inexperienced” and designate an administrator to supervise our estate on our behalf.
Living probate can be a lengthy and expensive process and requires the administrator or “guardian” to submit regular reports with the court, detailing any monies that were invested and any other deals that affected our estate.
This procedure can also be somewhat degrading to the owner of the estate as the court requires proof of the individual’s incompetence.
Fortunately, there are ways to avoid living probate, but to do that, you’ll need the help of a certified estate planning lawyer.