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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 is also the process of settling the estate of someone who dies without a will (intestate). Probate may be long and complicated if the estate is large and there are many beneficiaries. It ...
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.
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.
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.
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 .