A tool in estate planning used to minimize probate costs upon the death of the grantor is the living trust. A Living Trust is created while the grantor is alive and typically is revocable in nature. It is designed to manage assets for the best interest of a beneficiary, usually the grantor.
Probate is a process that starts upon the death of an individual whereby the courts approve of the transfer of assets from the deceased to the rightful heirs based on either the will or state law. Probate typically costs around 5% of the deceased’s assets.