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In this overview, attorney Paul Rabale discusses living trusts and their role in estate planning. He explains that assets owned solely under an individual's name, such as real estate, stocks, and business interests, are categorized as probate assets. When a person dies, these assets are typically frozen, and heirs cannot access them without undergoing the probate process, which is often seen as lengthy and costly. Rabale emphasizes that many individuals opt for living trusts to bypass the challenges of probate, allowing for a smoother transfer of assets without the need for court involvement, thus simplifying the estate planning process.