Probate

Probate is a proceeding in State Court after a person dies.
The purpose of Probate is to transfer title to property from the decedent to his or her heirs and to settle any debt liabilities owed by the decedent at the time of death.
Probate is completely avoidable, as long as the avoidance is done before death.
Generally, Probate is very expensive, with costs of approximately $3,500 for every $100,000 of gross estate. Generally, Probate takes a long time. It takes at least 6 months and frequently 1 to 2 years or more. If the decedent had a Will, the contents of the Will are a public record and anyone can go to the courthouse and find out who is going to get what distribution amount.
Speak to your local CPA or attorney for more information.

One strategy to avoid Probate is through the use of a "Living" or Inter-vivos Revocable Trust. During the lifetimes of the individuals a Trust is created, husband and wife are both the Trustees of the Trust, so they have complete control of it. The Trust is amendable and can be changed at any time by the individuals who created it. When one or both individuals die there is no Probate, provided the individuals took the time while they were living to transfer all of their assets into their Trust. This entails the retitling of assets such as bank accounts, real estate, and stock brokerage accounts into the name of the trust. During their lifetimes, these individuals name who they want to be their trust's successor trustee. The successor trustee could be a family member, friend, an advisor or bank. When death occurs, the surviving spouse typically takes over as the successor trustee and manages the assets. Then when the surviving spouse dies, the successor trustee named in the trust takes over and distributes the assets according to the terms the individuals stated in their trust. There are also other strategies available. Speak to your local CPA or attorney for more details.

Yes if the probate assets exceed the threshold amount. The creation of a Will does not avoid probate.

Yes if the probate assets exceed the threshold amount. Generally, the assets are owned jointly so there are minimal probate assets and they will be less than the threshold amount.