Probate is the legal process of validating and executing a will. The process involves choosing an executor to carry out the terms of the will and transferring property ownership to any designated beneficiaries.Continue Reading
State probate laws also help to determine how an estate should be distributed when the deceased person has considerable debt or has left no will. If no executor was selected and the deceased person didn't have a specified attorney, a probate court typically appoints a suitable relative to serve as administrator.
The estate's full value is determined through a detailed inventory, and the executor is expected to settle any remaining debt and tax obligations whenever possible. Since probate laws vary, property holdings spread across multiple states are handled differently based on location.Learn more about Financial Planning