Probate is the court-supervised process of validating a decedent’s will if they have one, gathering and valuing their assets, identifying and settling their debts, and, ultimately, distributing their estate to their chosen beneficiaries or heirs as determined by law. There are many compelling reasons to help clients plan to avoid probate. Probate can be costly and time-consuming. It can turn a deeply personal matter into a public proceeding during an already difficult and grief-filled time.

Much of life follows the 80/20 rule. Also known as the Pareto Principle (named for the Italian economist who devised it), this formula calculates that 20% of your conversations are responsible for 80% of the profitability of the relationship. That holds true whether it’s business or personal.

“Sonny, it’s business. Not personal.”

Most of us remember The Godfather and that classic piece of counsel from Tom Hagen to the hot-headed Sonny. While separating “business” from “personal” may have been a worthy approach for the Corleones, estate planning professionals know otherwise.