• Probate is the court-supervised legal process that determines the validity of your Will, gathers your assets, pays your debts, taxes and expenses of administration, and then distributes the remaining assets to your beneficiaries. You can structure your finances so that significant assets will pass to your family outside of the probate process, for example, by setting up a trust. Life insurance, IRA, and pension plan proceeds also can go directly to a named beneficiary.You can create your Living Trust on Rocket Lawyer with our easy online interview.