|
Posted almost 4 years ago. 12 helpful votes, 0 comments
Probate is a legal process that happens after a person dies. Probate helps (1) validate the will of the person who dies (decedent); (2) collect the decedent's property, estimate its value, and make sure it is protected; (3) verify any beneficiaries (people who will get something as indicated by the decedent's will), as well as people or other entities that claim entitlement to some or all of the estate; (4) settle financial affairs such as the payment of debts and transfer of property. The executor (administrator) of a will usually initiates probate. If there is no executor, one will be appointed by the court. Probate can be a long process and often requires substantial paperwork and court appearances; fees and court costs are normally deducted from the estate. State laws vary. Find Fraud LawyersRelated Searches |