What is Probate?
Probate is a legal process whereby a court oversees the distribution of assets left by a deceased person’s will. Assets are anything a person owns with value, such as real and personal property and cash, for instance. When is probate needed? Probate is not always necessary. If the deceased person owned bank accounts or property with another person, the surviving co-owner often will then own that property automatically. If a person dies leaving very few assets, such as personal belongings or household goods, these items can be distributed among the rightful beneficiaries without the supervision of the court. Sometimes probate is needed to: Clear title to land, stocks and bonds, or large bank or savings and loan accounts that were held in the name of the deceased person only, and put the title to these assets in the names of the rightful beneficiaries. Collect debts owed to the deceased person. Settle a dispute between people who claim they are entitled to assets of the deceased person.
Probate is the court supervised legal process that includes determining the validity of your will, gathering your assets, paying your debts, taxes, and the expenses of will administration, and then distributing the remaining assets to those persons entitled to them. To make sure that your property is distributed according to your wishes, your survivors will usually submit your Will to probate court. The main advantage of probate is that the probate court is supervising the entire proceedings, and the probate laws are being followed. This is especially beneficial if there are claims of creditors, challenges to the will, or disputes that arise from the will. However, the probate process can be time consuming and costly. The probate process is also criticized for the loss of privacy surrounding the will maker s financial affairs. Probate with a Will Without a doubt, things can proceed in an orderly and legal fashion if you have a will at the time of your death. The person you name as the
Probate is the court-supervised process developed under California law which transfers your assets, to the beneficiaries set forth in your will, in the manner prescribed by your will upon your death. The probate process continues until your estate is ready for distribution and the court approves the final distribution of your estate.
Probate is the legal process through which the court makes sure that, when you die, your debts are paid and your property is distributed according to your will. If you do not have a will, the state in which you live has written one for you. Probate can also take control if you become physically or mentally incapacitated.
Probate is the legal process through which the court makes sure that, when you die, your debts are paid and your property is distributed according to your Will. If you don’t have a Will, the state in which you reside will provide for distribution of your estate by statute. This form of distribution may not be what you intended.
