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Probate can certainly take months and, in some cases, years. During that time, the beneficiaries or heirs do not inherit. Money – Probate can also be an expensive process. There are court costs ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
The probate court takes stock of the estate and any outstanding debts. If there is a will, the court will determine if the will is valid and execute the will via a legal proceeding.”
A probate court (sometimes called a surrogate court) is a court that has competence in a jurisdiction to deal with matters of probate and the administration of estates. [1] In some jurisdictions, such courts may be referred to as orphans' courts [ 2 ] or courts of ordinary.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.