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When someone passes away, their estate may need to be probated. But what is probate?
This guide explains what probate is, how the probate process works and offers some insight into how assets can be transferred outside of the probate process.
Probate is a legal process that occurs after a death. In most cases, probate is a key part of settling the estate of a deceased person. In fact, probate may also be referred to as “estate administration.”
During the probate process, the assets of the deceased person (the decedent) are formally transferred to their new owners. All of the assets left behind are referred to as the deceased person’s “estate.” The estate is settled during probate.
During this process, creditors and others can make claims against the estate and then remaining assets are transferred to new legal owners. This transfer of assets can occur in accordance with the terms of a will if the decedent left one behind and if the court determines the will is valid and enforceable. If there was no will, then state intestacy laws will determine who assets transfer to during the probate process.
In some states, a...
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