Probate is the court supervised process by which a decedent’s assets are transferred to his heirs, either by his Will, or if there is no Will by the statute of intestate succession. The word "probate" has its origins in the Latin "probatum" which means a "thing proved" and "probare" which means "to prove".
Assets Subject to Probate
Assets NOT Subject to Probate
The probate process involves notifying the decedent’s heirs at law and the beneficiaries of the decedent’s Will of the existence of the Will. The notice provides them the opportunity to contest the Will in the event that the decedent did not have the requisite mental capacity or was unduly influenced by a beneficiary. The probate process also involves compiling a list of the decedent’s assets so that the assets may be distributed according to the decedent’s wishes. Finally, probate involves accounting for all of the assets in the decedent’s estate, including the payment of estate taxes, debts and expenses incurred by decedent during his life or as a result of the administration process.
An executed and fully funded Heritage Living Trust will avoid Probate. Visit http://heritagelivingtrust.agency/mishra/ for more information.
Independent Heritage Agent