What is one of the main reasons for utilizing will substitutes?

Utilizing will substitutes primarily serves to avoid the costs and inconvenience associated with the probate process. Probate can be a lengthy and expensive procedure that includes court fees, attorney fees, and other administrative costs. Will substitutes, such as revocable living trusts or payable-on-death accounts, allow assets to transfer directly to beneficiaries upon death without going through probate. This not only accelerates the transfer process but also maintains privacy regarding the deceased's financial affairs, which would otherwise become public in a probate proceeding. By leveraging these substitutes, individuals can simplify estate management and reduce the financial burden on their heirs, making it a compelling reason for their use.