Probate

What Is Probate? Probate is the court-supervised legal process that takes place after a person dies. The process involves validating the deceased person's will (if one exists), inventorying and appraising the estate's assets, paying outstanding debts, taxes, and administrative expenses, and distributing the remaining assets to the rightful heirs or beneficiaries. ## The Probate Process - Filing the will with the probate court and petitioning to open the estate - Appointing an executor (named in the will) or administrator (appointed by the court if there is no will) - Notifying creditors and beneficiaries - Inventorying and appraising all estate assets - Paying valid debts, taxes, and expenses - Distributing remaining assets according to the will or state intestacy laws - Filing a final accounting with the court ## Avoiding Probate Probate can be time-consuming (often 6 to 18 months) and expensive (typically 2 to 7 percent of the estate value). Many people use estate planning tools to avoid or minimize probate, including revocable living trusts, joint ownership with right of survivorship, payable-on-death and transfer-on-death designations, and beneficiary designations on retirement accounts and life insurance policies.