Probate

What Is Probate?

Probate can refer to the presentment of a will to the court, which is known as “probating” a will. Probate also refers to the type of court in which the estate administration proceedings are held. However, probate typically refers to the court process where the estate is administered following a death. The process consists of satisfying the decedent’s outstanding debts and distributing the remaining assets.

Does Everything Go though Probate?

No, not all of a decedent’s assets must go through probate. Generally, only those assets that the decedent had in his or her name alone are required to go through probate.

Assets that are NOT typically a part of the probate estate may include:

• Property held in joint tenancy
• Property held in tenancy by the entirety
• Payable-on-death bank accounts
• Life insurance proceeds
• Assets registered in transfer-on-death form
• Retirement accounts
• Living trust assets

What Are the Probate Steps?

The probate process provides for a supervised orderly means of transferring your assets that make up the probate estate. This process usually involves several steps:

• The court determines whether there are assets subject to probate.
• The Will is presented to the court to determine validity.
• A personal representative, also known as the executor, is appointed to open the estate.
• Creditors and beneficiaries are notified that the estate has opened.
• The personal representative collects the assets that pass through the estate.
• Any debts of the estate are paid off.
• The assets are distributed to the specified beneficiaries.
• The estate is closed.

Some individuals may not have a will. If an individual dies without a will, which is commonly known as dying “intestate,” the court follows the same procedures only without the will verification.