Full Video Transcript
When a person dies, the property that is owned at the time of death goes into a legal process called probate. The probate court is responsible for distributing all of the property in the estate. If the person had a legally valid and complete will, then the property distribution is usually straightforward and few problems arise.
However, in the absence of a legal will, probate can be a problem. Family members may argue about who is entitled to specific assets. The property distribution process may be significantly delayed and personal relationships may be destroyed. While state intestate laws provide a general scheme for the distribution of property, it becomes difficult if you have more than one child, sibling or grandchild who may be entitled to a piece of your estate.
The best way to avoid probate problems is to execute a valid will that determines the distribution of all of your property and assets at the time of your death. You can find will forms and information about executing your will online or you can consult an estate planning attorney in your state to avoid future probate problems for your loved ones.