What is a Probate Estate?
Property that is individually owned and does not list a beneficiary is included in the probate estate. The probate estate also includes a proportional share of any assets where ownership registration is “Tenants in Common”, “Community Property”, or “Marital Property” The task of transferring the assets in the probate estate to beneficiaries and taking care of outstanding debts falls to the Executor, Personal Representative or Administrator. The process of transferring these assets is known as “settling the estate.” How estates are settled varies from state to state, and probate procedures might vary according to the estate’s overall value. Smaller estates can sometimes be settled through more informal means of administration such as a Small Estate or Summary Administration procedure. To determine whether an estate needs to go through probate, and what steps are required to complete the administration of the estate, consult an attorney or the deceased’s county or state Probate Court.
Related Questions
- The estate has accounts held across multiple states in Australia. Is the Probate issued in one state enough to close all accounts with the CBA?
- If an estate requires probate is the family able to obtain assets from the estate before the probate is completed?
- What assets are included in the probate estate?
