What is Probate?
Probate is a court-supervised process that oversees the administration of a deceased person’s estate. Its purpose is to assure that a deceased person’s debts are paid, the beneficiaries described in the Will ascertained, the executor’s or administrator’s actions are monitored, income and estate taxes are paid, and the assets of the estate are distributed according to the deceased person’s Will. Court supervision is the biggest advantage to probate. It allows for a measure of accountability when disputes are anticipated. The disadvantages of probate are that the process is public, the costs and expenses are usually greater than if an estate were administered through a living trust, and the process could take a year or more to complete.
Probate is a court supervised process that includes collecting and valuing your assets, paying your debts and taxes and distributing your assets to your heirs. As part of this process, a notice of your death is published in a newspaper in order to allow your creditors to make claims against your estate. Probate proceedings are open to the public and anyone can review the court file and examine the details of your financial life. Probate is expensive, with most of the work being done by a personal representative (named in your Will or otherwise appointed by the court) who is assisted by an attorney and, usually, an accountant. The fees and costs of probate can range from perhaps 2-10% of the gross value of your estate. Although using a Revocable Living Trust does not make all costs associated with a death go away, it can significantly minimize them.
Probate is the process of filing the will with the Commonwealth of Pennsylvania and having the state recognize the executor of your estate. If you die without a will, probate will have the state recognize an administrator to handle your estate. Probate for people residing Pennsylvania at their death occurs with the Register of Wills office in the county where the person had their last principal residence. If the person who dies is not a resident of Pennsylvania, their will may still be probated in Pennsylvania with the Register of Wills in any county where the deceased held real estate. All wills must be proved by two witnesses before the will will be admitted into probate. For this reason, it is best to have your will witnessed and include a self-proving page upon execution.
Probate is the court-supervised legal procedure that determines the validity of your Will. Probate affects some, but not all of your assets. Non-probate assets include things like a life insurance policy paid directly to a beneficiary. The term probate is also used in the larger sense of administering your estate. In this sense, probate means the process by which assets are gathered, applied to pay debts, taxes, and expenses of administration, and distributed to those designated as beneficiaries in the Will.
Probate, also called proof of will, is the procedure by which a will’s validity is proven to the satisfaction of the court. If the validity of a will is proven to the satisfaction of the court, the will’s validity can not subsequently be challenged on the grounds of fraud, testamentary capacity, or under duress; however, the probate of a will does not affect an interested party’s rights to question the construction of the will, the legal effects of the will’s provisions, or the validity of the will’s provisions.
