Though no one wants to have to jump right into complicated legal proceedings right after losing a loved one, probate is a process that is often necessary to settle a recently deceased individual's final affairs. You may understand the importance of the process, and you certainly know that other loved ones are ready to receive their inheritance and bequests, but what does it mean to go through probate?
If your loved one named you as the executor of the estate, you have the obligation of closing the estate. This means that you will need to take numerous steps to take care of any loose ends that the person left behind.
When people think of an "Estate" they might think of a mansion like the one above or a portfolio of assets worth millions of dollars. They believe that estate planning is not necessary unless you have a large estate with lots of assets.
We have previously discussed why leaving your estate to your children in equal shares isn't always fair. In fact, it could destroy the value of the assets you leave and ruin family relationships. So what solutions do you have to be fair and preserve family harmony? 
When doing their estate planning, parents always want to be fair with their children. Most often they try to accomplish this by leaving everything to the children in equal shares. While this may seem like a good solution, in practice, it can actually create lots of problems and it can end up be anything but fair. 
While there are several factors to consider when choosing what type of entity to form, the primary function of an entity is asset protection. Business owners want to protect their personal assets from the liabilities of the business operations. But there is another form of liability that business owners should be aware of that could have an even more devastating effect if not protected against. 