Probate

Probate refers to the legal process of administering a deceased person's estate, which includes validating their will (if there is one), paying off debts and taxes, and distributing the remaining assets to beneficiaries.

Filing the Will

The executor (or a court-appointed administrator if there's no will) submits the will to probate court.

Appointment of Executor/Administrator

The court formally appoints an executor (named in the will) or an administrator (if no will exists) to manage the estate.

Probate Real Estate Must Know

Inventory of Assets

The executor or administrator compiles a list of the deceased's assets, including bank accounts, real estate, investments, and personal property.

Paying Debts and Taxes

Before distributing assets to beneficiaries, the executor must pay off any debts, taxes, and administrative costs.

Distribution of Assets

Once debts and taxes are cleared, the executor distributes the remaining assets to beneficiaries according to the will or, if there’s no will, based on state laws of intestacy.

Must Important Probate

The probate process can take months or even years depending on the complexity of the estate and any legal challenges that arise. Some assets, like jointly owned property or life insurance payouts, may bypass probate altogether.