Probate: Estate Planning's "P Word".

Kiplinger's Retirement Report | June 1, 1996 | Copyright

Not everyone knows what probate is, but they do know they want to avoid it.

Probate is a court proceeding that, upon death, validates your will and accomplishes the transfer of property to your heirs, after paying any debts or taxes owed. It has a reputation for being expensive, time-consuming and tedious.

But estate-planning experts think this has been exaggerated by other professionals who push revocable living trusts, which are popular probate-avoidance tools. Before you shell out $2,000-$3,000 or more for a living trust, take a look at your estate, and ...

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