A living trust can be a useful and practical tool for some people. For others, it can be a waste of time and money. Before succumbing to an enticing sales pitch, the Better Business Bureau suggests that you become familiar with estate planning terms and choose a strategy that best suits your particular situation.
Probate is a legal process that usually involves filing a deceased person's will with the local probate court, taking inventory and getting appraisals of the deceased's property, paying all legal debts and eventually distributing the remaining assets and property. Probates can be costly and time-consuming.