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Probate is the legal process by which an estate is inventoried and distributed to a deceased person’s heirs according to the terms of a will, or state inheritance laws if no will exists.
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 ...
The problem with using a will to pass assets down to your children is that wills are subject to probate, which is the often-complicated process of proving a will’s validity in court.
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.
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.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity , and may include minimizing gift, estate, and generation-skipping transfer taxes .