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Probate proceedings go on for several months and even may take more than a year entailing substantial costs before all the assets and properties of the deceased can be distributed among the beneficiaries or heirs of the deceased.
The concerned property holder can during his lifetime institute a living trust as a separate entity and transfers his real properties to the said trust. He can revise such arrangement any time and revoke such transfer except in case of an irrevocable trust. The trust may also specify the remainder beneficiaries who can take only after the grantor dies. Usually the beneficiaries are not entitled to anything during the lifetime of the grantor. Upon the death of the grantor or author of the trust, the beneficiaries of the trust acquire the title to such property.
Proceeds of life insurance policy to the beneficiary, money in joint bank account and joint tenancies with right of survivorship, etc. are outside the scope of probate since those pass on contractually. ‘Transfer on death’ financial instruments also fall within this class.
The trust may also specify the remainder beneficiaries who can take only after the grantor dies. Usually the beneficiaries are not entitled to anything during the lifetime of the grantor.
The trust may also specify the remainder beneficiaries who can take only after the grantor dies. Usually the beneficiaries are not entitled to anything during the lifetime of the grantor.
(More http://www.jud.ct.gov/probate/faq.html )
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