What is Probate? A Brief Introduction.

So we probably all have a pretty good idea what a will is – but what is this thing called probate? And does it apply to you? And, while we’re at it, what is all this talk about avoiding probate?

Probate is basically the legal process of transferring property after a person’s death. Well, what about the will, you may ask – isn’t the will used to transfer the property? Technically, yes, but have you heard the expression “probating the will?” When a person “probates a will,” what they are doing is showing to the Probate Court that the decedent (the person who died) followed all legal formalities when they made their will.

If the will was done right, an executor is named to settle the estate. The typical duties of an executor include collecting all of the decedent’s property, paying all debts owed by the estate, collecting any income or money owed to the estate, settling any disputes, and finally distributing all remaining property to the persons named in the will (a.k.a., heirs).

If the will does not name an executor, then the Probate Court will name a person to settle the estate. This may or may not be the same person the decedent would have wanted to settle his/her affairs, but this is just another reason why having a proper will is important.

The process of “avoiding probate” is usually done with the intention of saving everyone involved a lot of time and money. The process of probate usually carries with it several layers of expenses, all of which are paid out of the estate. The typical probate costs include executor/administrator fees, attorney fees and court fees. Obviously, the less the probate expenses, the more property there will be to pass on to the people to whom the decedent wanted it go.

UPCOMING BLOG POST – How can Probate be Avoided?