What is Probate?
“Probate” is more properly referred to as “estate administration” and is the administration of the estate of a decedent through court proceedings. It is the method by which the rights of all parties are determined relative to the decedent’s estate. These parties would include heirs (those entitled to inherit by state law in situations where no Will exists or the Will does not cover all assets governed by the Probate Court), Will beneficiaries, creditors, and taxing authorities. The proceeding effectively passes title to assets of a decedent to those entitled to them.
After a person dies, ownership (the legal title) of his or her property, assets and personal effects must be passed on (legally transferred) to the beneficiaries (heirs) listed in the Will. “Probate” is the legal name given to this process. First, the Will must be verified as the valid, final dispositive statement of the decedent (the official record of the deceased person’s final wishes). The Will names the person or institution appointed to administer (manage) the probate estate process. The term “probate” is also used in the larger sense of “probating the estate”. In this sense, probate means the process by which the decendent’s property and assets are gathered and accounted; debts, creditors and estate taxes are paid, and how the remaining property, assets and cash are distributed to the beneficiaries. For more information on the probate process Click Here and make sure to download a free copy of our Probate Timeline Diagram (Below). The executor named in the Will is in charge of t
How can I avoid it? Probate is the court-supervised legal process that determines the validity of your Will (if there is one) gathers your assets, pays your debts, taxes and the expenses of administration; and then distributes the remaining assets to those persons entitled to them. Probate has gotten plenty of bad press for being time-consuming, frustrating, and costly. But times have changed, and the probate process in many states has become less distressing. In some states, families with very small estates may be able to use abbreviated probate procedures or avoid probate entirely. Even if you have a larger estate, you may be able to avoid probate with careful Estate Planning. It is possible to structure your finances so that significant assets will pass to others outside of the probate process. For example, a house owned by two persons jointly with rights of survivorship will pass directly to the survivor. Life insurance, IRA, and pension plan proceeds can go directly to a named ben
