Probate
The court process that validates a will, settles debts, and transfers what someone owned in their own name after they die.
Probate is not a punishment and it is not always a problem. It is simply the legal process a court uses to confirm a will is valid, make sure creditors are paid, and authorize the transfer of property to the people entitled to it.
What makes probate worth planning around is that it is public, it takes time, and it costs money — and the specifics vary a great deal by state. An estate that settles in a few months in one state can take considerably longer in another.
The important thing to understand is what probate does not touch. Assets that pass by beneficiary designation, by survivorship, or through a funded trust generally skip it entirely.
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Related Terms
Intestate
Dying without a valid will. State law then decides who inherits, according to a fixed formula.
Living Trust
A legal arrangement you create during your lifetime to hold your assets, so they can pass to your beneficiaries without going through probate.
Executor
The person named in a will to carry it out — gathering assets, paying debts, and distributing what remains. Some states call this role a personal representative.
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