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In this overview by estate planning attorney Paul Rabale, he explains what a living trust is and its significance in estate planning. He describes "probate assets" such as homes, rental properties, stocks, and business interests, which are frozen upon death, making them inaccessible to heirs without undergoing a lengthy and costly probate process. Many individuals find this process burdensome and undesirable. Rabale highlights that alongside probate assets, there may be other assets in an individual's name that do not necessitate legal involvement, contrasting the two scenarios in estate management. Overall, living trusts serve as an alternative to simplify the transfer of assets upon death.