Most people don't understand that, even if you have a will, your family most likely will need to go through the probate process to distribute the property you owned. However, having a will reduces the cost of probate because it provides instructions about how your property should be distributed. If you don't have a will, your state law will govern who gets your property.

There are certain things you can do to save taxes and avoid the cost and delay of probate, but you must plan for it. The key is to understand the options, and then you will be in a position to make the right choices for your family. Chapters 4 and 5 will delve deeper into the probate process but, for now, keep in mind that this is one way in which your careful planning and preparation will come into play.