What is Probate?
Probate is the legal process through which a person's will is validated by a court, and the distribution of their assets is carried out after their death. The court oversees the administration of the deceased person's estate to ensure that debts are paid and assets are distributed according to the terms specified in the will or, if there is no will, according to the applicable laws of intestacy.
The probate process typically involves the following steps:
Filing the Will: The first step is to file the deceased person's will with the probate court. If there is no will, the court will appoint an administrator to handle the estate.
Appointment of Executor or Administrator: If there is a will, the court will appoint an executor named in the will. If there is no will, the court will appoint an administrator to manage the estate.
Notification of Creditors: Creditors and beneficiaries are notified of the death, and an opportunity is given for creditors to make claims against the estate.
Inventory and Appraisal: The executor or administrator creates an inventory of the deceased person's assets and has them appraised.
Payment of Debts and Taxes: The estate's debts, including taxes, are paid from the assets of the estate.
Distribution of Assets: Once debts are settled, the remaining assets are distributed to the beneficiaries according to the terms of the will or intestacy laws.
Probate can be a time-consuming and costly process, and the proceedings are a matter of public record. Some people take steps to avoid probate, such as creating living trusts, or using other estate planning tools.
