– What is Probate?
Probate is a court-supervised process handing a person’s estate. Probate deals with:
- transferring the property of someone who has passed away to their heirs or beneficiaries if the property was $150,000 or more at the time of death and the decedent did not have estate planning in place
- deciding if a will is valid
- taking care of the financial responsibilities of the person who has passed away
In a probate case, an executor (if there is a will) or an administrator (if there is no will) is appointed by the court as personal representative to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court. It can be a very lengthy process.