What is a living probate?

A living probate is a process of handling your estate while you are still alive. It is an alternative to having to wait until after your death to plan for the estate and its assets. In the state of Delaware, a living probate is known as an Advised Living Trust (ALT). An ALT is a legal document that organizes the management and distribution of your assets while you are still alive. The trust document outlines your wishes and who has authority over your estate. The person who is responsible for the trust is known as the Trustee, and they are responsible for the management of the assets as outlined in the trust document. The funds in the trust can be used for living expenses, medical expenses, and other bills. After the death of the trustmaker, any remaining funds will be distributed according to the provisions in the trust. Living probates are incredibly helpful for those who intend to plan their estates before they pass away. It is also beneficial for those who have a large estate that could benefit from being managed and distributed while they are still alive.

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What is a living probate?

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