What is probate?
Probate is the legal process that is used to transfer title of property from the decedent to his or her devisees (named in the will) or heirs (if there is not a will). All Wills and intestate estates must be probated, but the degrees of court involvement and complexity range from simple and inexpensive to complicated and costly.
Will my estate have to go through probate?
All Wills and intestate estates must be probated. Depending on how your assets are owned, your estate may not have to go through the probate process because your Will may not control the distribution of some or all of your assets. There are certain types of assets that are not governed or distributed per the terms of a Will. Only property that was owned by you in your individual name (and that does not have a beneficiary designation) is controlled by the Will. Assets that are owned in joint tenancy, such as real property or a bank account, or assets that have a beneficiary designation like a life insurance policy or IRA, pass to the beneficiaries by operation of a contract, and are not subject to the provisions in the Will or the probate process.
Who’s in charge of administering an estate?
The court will appoint a personal representative (formerly called an “executor”) and issue letters, or a document that evidences the personal representative’s authority to administer a decedent’s estate. The personal representative has many duties, rights, and responsibilities, including the ability to open and maintain an estate bank account; to sell, transfer, or encumber real property; to sell and/or transfer assets; to consolidate bank accounts; and to deal with creditors.
