What is Probate

Probate is the legal process through which a deceased person’s estate is managed and distributed under the supervision of a court. This process ensures that debts are paid, assets are distributed according to the deceased’s wishes (as outlined in a will), or according to state laws if no will exists. While probate can vary depending on jurisdiction, the core purpose remains the same: to provide an orderly method for settling an estate.

When a person passes away, their assets are classified as either probate or non-probate assets. Probate assets include property solely in the decedent’s name, such as real estate or bank accounts without designated beneficiaries. Non-probate assets, such as life insurance proceeds, jointly owned property, or accounts with named beneficiaries, pass directly to the intended recipients and bypass probate.

If the deceased left a valid will, the court will validate it during probate. This involves determining its authenticity and ensuring it meets legal standards. The will typically appoints an executor or personal representative to manage the estate. This individual is responsible for tasks such as inventorying assets, notifying creditors, paying debts and taxes, and distributing the remaining assets to beneficiaries.

In cases where no will exists, the estate is considered “intestate,” and state laws dictate how assets are distributed. Typically, a close family member is appointed by the court to administer the estate.

While probate ensures fairness and legal oversight, it can be time-consuming and costly. For this reason, some people use estate planning tools like living trusts or beneficiary designations to avoid probate.

In summary, probate is a structured process designed to settle a deceased individual’s financial affairs and distribute their estate, providing legal clarity and protection for all parties involved.