Probate
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.