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Glossary · foundation

Probate

In plain English

The court-supervised process of validating a will, settling debts, and distributing a deceased person's probate assets.

Probate is how the state makes sure a deceased person's debts are paid and the remaining assets go to the right people. It is public record, can take months to a year, and involves court filings plus (in most cases) an attorney. Good estate planning often aims to keep as much out of probate as possible through trusts and beneficiary designations.

References

Educational information only. Mister AMS is not a law firm and does not give legal, tax, or financial advice. For your situation, consult a licensed professional admitted in your state.