What is Probate?
What is Probate? A basic explanation of what is Probate.
What is Probate?What is Probate?
Probate is the legal procedure for identifying and acquiring the assets of the decedent, paying their debts, and distributing the decedent's assets to his or her designated beneficiaries or heirs at law. Many people are confused when they have to start the probate process because they believed having a valid Last Will and Testament would avoid the process. Contrary to this misconception a Will still has to be probated if there are probate assets.
What is a Probate Asset?Probate assets are usually assets that the decedent owned in his or her individual name at their death.
Probate assets sometimes include the following:
? An Investment Accounts
? A Bank Account (Checking, Savings)
? A Life Insurance Policy
? Real Property
Why is Probate necessary?Why is Probate necessary?
Probate is necessary to pass ownership/title of the decedent's probate assets to the decedent's beneficiaries/heirs at law. If the decedent had a Will probate is necessary to pass ownership/title of the decedent's assets to the designated beneficiaries in the Will. If the decedent did not have a Will, the process is similar, except the assets will be passed along according to the Florida Intestate Laws. If possible, the decedent's creditors are also paid out of the Probate Administration.