When a person dies with assets, a legal process determines who has the right to manage and distribute those assets. This process is often referred to as probate. So then, what does probate mean?
In the most fundamental sense, probate is the court-supervised process that verifies a deceased person’s assets, settles debts, distributes the remaining assets to the heirs, and manages any legal challenges related to the deceased person’s will.
The Basics of Probate
When a person dies, most of their assets usually go through the probate process. During this process, the court confirms that the deceased person’s will is valid. The court decides who will be responsible for the deceased person’s assets, estate, debts, and taxes. Once the probate process is complete, the assets are distributed to the heirs.
The probate process begins by initiating a probate action with the court. This is done by first selecting an executor. Typically, the executor is chosen by the deceased person prior to death, but a court may appoint someone if the will does not name an executor. Then, the executor must identify and notify all of the deceased person’s heirs.
The probate court reviews the will and appoints the executor. The executor files the petition with the probate court. Then the court holds a hearing to approve the will, appoint the executor, and assign responsibilities. The executor is then responsible for collecting all probate assets, paying taxes and debts, and then distributing remaining assets to the beneficiaries.
So What Does Probate Mean for You?
For those interested in probate, it is important to understand the legal definition and associated laws. Probate is the process of a deceased person’s assets being distributed and legally assigned. Probate is an essential process that ensures that the wishes of the deceased are followed. It also ensures that all of the deceased person’s assets, debts, and taxes are handled properly.