Understanding Probate

What Probate Is

Probate is a court-supervised process for validating a will, settling debts and taxes, and distributing assets.

Probate generally applies to assets titled solely in the decedent's name without beneficiary or joint-owner transfer mechanics.

Typical Probate Steps

1. Petition filed and executor appointed
2. Assets inventoried and valued
3. Debts, expenses, and taxes addressed
4. Remaining assets distributed per will or intestacy law
5. Final accounting approved by court

Practical Considerations

• Duration can vary significantly by state and complexity
• Court process can increase administrative cost
• Proceedings may be public

Assets That Often Avoid Probate

• Trust-owned assets
• Joint tenancy assets (where applicable)
• TOD/POD accounts
• Beneficiary-designated retirement and insurance assets

Educational note: probate law is state-specific; consult a licensed estate attorney for your situation.