What is Probate?
Probate is a court proceedings where the final business matters of a person are concluded. It a process whereby the (a) final bills and taxes of a decedent are determined and paid and (b) the remaining assets are orderly distributed to the persons entitled to receive them. Probate is designed to protect the beneficiaries of your estate, your creditors and the financial institutions that the assets you leave behind will be distributed properly. In smaller estates the entire process can be handled in a single court hearing called Summary Assignment or in very small estates by collection with an affidavit. In most situations a personal representative is appointed by the court to handle your final affairs. The personal representative is responsible to wind up all business affairs and then distribute the balance to the persons entitled to receive the assets. Under Minnesota law, an estate can either go through a formal hearing to start the probate proceedings or it can be handled informally
Probate literally means “to prove” a Will in Court. It is the process by which property is transferred from a decedent’s estate to his or her beneficiaries. This includes determining what property is owned by the decedent, appointing an executor or administrator of the estate, paying any taxes or debts that the decedent may owe (including probate costs) using funds from the estate, and distributing all property which remains to the proper beneficiaries.
Probate is the process by which legal title of property is transferred from the decedent’s estate to his/her beneficiaries. Since you can’t take it with you, the court determines who gets it. If a person dies with a Will (“testate”), the probate court determines if the Will is valid, hears any objections to the Will, orders that creditors be paid and supervises the process to assure that property remaining is distributed in accordance with the terms and conditions of the Will. If a person dies without a Will (“intestate”), the probate court appoints a person to receive all claims against the estate, pay creditors and then distribute all remaining property in accordance with the laws of the state. The major difference between dying testate and dying intestate is that an intestate estate is distributed to beneficiaries in accordance with the distribution plan established by state law; a testate estate (after payment of debts, taxes and costs of administration) is distributed in accordanc
Probate is the court procedure used to change the legal ownership of assets from the name of an individual who has passed away into the name of the living heirs or beneficiaries. It is also the process where creditors of a decedent file claims to collect their debts and where interested parties who have a complaint regarding the deceased can file their complaint (a will contest). Even without a contest, probate can be costly and time-consuming, and it is a proceeding open to the public.
