Probate is a legal process that governs the distribution of a deceased person’s Probate Assets.
Probate Assets definition:
• Assets that do not pass by operation of law (such as jointly owned property)
• Assets passing by operation of contract (such as life insurance or IRAs that have named beneficiary other than the estate)
• Assets owned by a properly drafted trust at the time of death
Probate process includes:
• Proving that a deceased person’s will is valid.
• Appointing the executor* (or administrator if the deceased dies without a will) who will oversee the probate process for the deceased’s estate.
• Identifying the probate property.
• Inventorying and valuing (via appraisal) the probate property.
• Paying debts, taxes and expenses of probate.
• Distributing the remaining property as the will directs or as state law directs, if the deceased died without a will (intestate).
*The executor/administrator is a fiduciary and must act with good faith, diligence, and honesty on behalf of the estate to preserve the estate assets for the benefit of its heirs.
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