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Paul Rabale, a state planning attorney, provides a brief overview of living trusts and their significance in estate planning. He explains that when a person dies with assets like homes, rental properties, or stocks titled in their name, these are considered probate assets. Regardless of having a will, these assets become frozen upon death, requiring the surviving family members to navigate a potentially lengthy and costly probate process. Many people find this process to be a hassle. Additionally, he notes that some assets may not need attorney or court involvement, which can simplify the estate management process.
