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What Is Probate?
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Probate is a court-supervised process of transferring a decedent's property to beneficiaries. Typically, a prospective personal representative petitions the court for authority to administer your estate, the probate court determines validity of any will, appoints the personal representative (called an executor if there's a will or administrator if there is no will) to manage the estate subject to the supervision of the court and sets the amount of bond unless waived by the will. During probate, the personal representative must inventory the assets, pay debts, taxes and expenses of administration of the estate. After that portion of the probate process is completed, the personal representative must make a report to the court of these activities and petition the court again for authority to distribute the estate to the beneficiaries. |
