What is Probate?
Probate is the process of filing the will with the state and gaining recognition as the Executor. If there is no will, it is the process in which someone is appointed as Administrator for the estate. In some states this is a quick, easy process but in some states it is not. It also provides the platform to challenge a will should you believe the will is invalid. Probate can be avoided by the use of trusts or joint ownership of assets. Sometime this is a good idea and sometimes it is not. Your unique set of circumstances will dictate the best course of action.
Probate is the legal process of paying the deceased’s debts and distributing the estate to the rightful heirs. This process usually entails: • The appointment of an individual by the court to act as “personal representative” or “executor” of the estate. This person is often named in the will. If there is no will, the court appoints a personal representative, usually the spouse. • Proving that the will is valid. • Informing creditors, heirs, and beneficiaries that the will is probated. • Disposing of the estate by the personal representative in accordance with the will or state law. The spouse or personal representative named in the will must file a petition with the court after the death. There is a fee for the probate process. Depending on the size and complexity of the probable assets, probating a will may require legal assistance. Assets that are jointly owned by the deceased and someone else are not subject to probate. Proceeds from a life insurance policy or Individual Retirement
A. Probate is the court-supervised public proceeding used to change title to assets from the name of an individual who has passed away into the name of the living beneficiaries. It is also the process by which creditors of a decedent file claims to collect their debts and where interested parties who have a complaint regarding the deceased can file a complaint (a will contest). Even without a contest, probate can be costly and time consuming..
Probate is a lengthy, costly legal process wherein the court determines the validity of your Will and distributes your assets to your heirs. Although this sounds like a simple process, the average probate in California takes two years or more to complete. All Wills and probate proceedings become a matter of public record. Anyone can go to the courthouse to discover the decedent’s assets, debts and heirs.
Probate is the legal process of transferring property following a person’s death. If a person dies “Testate” (with a Will), or “Intestate” (without a Will), a probate is required to be opened and monitored by the appropriate local court. Once a probate is opened, it also becomes a matter of public information. Although probate customs and laws have changed over time, the purpose has remained much the same: to make sure that your intentions regarding the transfer of your property at the time of your death are followed. Your property is collected, inventoried and appraised, certain debts are paid from the estate and the property is distributed according to your will after debts and taxes are paid. However, most probates can be costly, time-consuming, and complicated.
