What is Probate?
What Is Probate?
Probate is the process completed when a decedent leaves assets to distribute, such as bank accounts, real estate, and financial investments. Probate is the general administration of a deceased person’s will or the estate of a deceased person without a will.
An executor is commonly named in the will or an administrator, if there is no will, to complete the probate process. This involves collecting the deceased’s assets to pay any remaining liabilities on their estate and distributing the assets to beneficiaries.
KEY TAKEAWAYS
- Probate is the legal process for reviewing the assets of a deceased person and determining inheritors.
- Probate proceedings typically focus on the existence, authenticity, and validity of a will.
- Probate can be initiated with or without a will.
- A proceeding is usually essential when a deceased person’s remaining estate is of high value even when there is a will.
- Individuals can avoid exorbitant probate costs and complexities by having an easily authenticated will or using investment vehicles that do not require probate.
How Probate Works
Probate is the analysis and transfer administration of estate assets previously owned by a deceased person. When a property owner dies, their assets are commonly reviewed by a probate court. This court provides the final ruling on the division and distribution of assets to beneficiaries. A probate proceeding will typically begin by analyzing whether or not the deceased person has provided a legalized will.
In many cases, the deceased person has established documentation, which contains instructions on how their assets should be distributed after death. However, in some cases, the deceased does not leave a will. There are special circumstances that occur with both situations that we’ve listed below.
