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Living Probate = costly & no privacy = :0(

January 31, 2012

A Living Probate can arise if you become mentally or physically disabled.  It is generally referred to as either a “Guardianship” or “Conservatorship.”  A guardian is someone appointed by the court to look after you.  A conservator is someone appointed by the court to look after your assets.  Guardianship and conservatorship  were designed to protect people that could not protect themselves.  They are subject to varying degrees of court supervision, including filing plans for the care of the protected person and his or her assets and reporting to the court on the status of the protected person and his or her affairs.

There are two distinct disadvantages to Living Probate that leads to guardianship or conservatorship:

1.  Living Probate creates expenses.  Since Living Probate is a court proceeding, you will require the services of an attorney and most likely an accountant.  Additionally, the appointed guardian or conservator will often need to post a bond.  All these factors are expensive for the estate.

2.  Living Probate denies privacy.  As with a death Probate a Living Probate is a public proceeding that may result in a substantial invasion of privacy and loss of personal dignity.

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