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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.
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.
Without a beneficiary designation and even if you have a will, your individual account must go through probate — a court process that oversees how your assets are distributed after death.
Intestacy has a limited application in those jurisdictions that follow civil law or Roman law because the concept of a will is itself less important; the doctrine of forced heirship automatically gives a deceased person's next-of-kin title to a large part (forced estate) of the estate's property by operation of law, beyond the power of the deceased person to defeat or exceed by testamentary gift.
Heirs Property occurs when a deceased person's heirs or will beneficiaries become owners of property (also known as real property) as tenants in common. [3] When a property is probated, a deceased person either has a will and the property is passed on to the named beneficiary, or a deceased person dies intestate, without a will, and the property could be split among multiple heirs who become ...
Without a will, she said the local court told her that all of her husband's money and assets would go into probate, a legal process used to divide a deceased person's estate, typically among their ...