In estate planning circles, the word “probate” often has a starkly negative connotation. Indeed, financial planners recommend keeping property out of probate whenever possible for many people- especially those with larger estates. That being said, the probate system was ultimately established to protect the property of the deceased and his/her heirs, and in a few cases, it may even work to an advantage.

When you pass away, your family may need to visit a probate court to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form of planning, a will does not avoid probate.