probate

The most appealing part about this is that with these designations you can circumvent the often lengthy and cumbersome probate process.

Often homes become empty when the owners pass away, leading to a long administrative process known as probate, when their assets are divided up.

Such accounts avoid probate, the court process that otherwise follows death, so there’s no mechanism to withhold money that might be needed to pay final expenses or other bills.

Answer: Both living trusts and payable on death accounts avoid probate, the court process that otherwise typically follows death.

The probate commissioner overseeing the case will submit his recommendation to a local judge.