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In this overview, attorney Paul Rabale explains living trusts as a key component of estate planning. He highlights that assets titled in one's name at death, such as homes, rental properties, stock, and business interests, are considered probate assets. Upon death, these assets are frozen, and family members or heirs cannot access them until they undergo the probate process, which is often seen as time-consuming, expensive, and burdensome. Rabale notes that, in addition to probate assets, individuals may have non-probate assets that do not necessitate legal intervention. This highlights the importance of utilizing living trusts to streamline the management of one's estate and avoid probate complications.