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In this overview, estate planning attorney Paul Rabale explains living trusts and their significance in estate planning. He clarifies that assets like homes, rental properties, and stocks are probate assets, which, upon death, get frozen regardless of having a will. This means surviving family members cannot access these assets until they go through a lengthy and costly probate process. Many perceive this process as a hassle, underscoring the benefits of living trusts. Rabale notes that some assets do not require court involvement, hinting at the advantages of structuring assets to avoid probate altogether.