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Planning Intermediate: Overview of the Probate Process

Introduction to Overview of the Probate Process How Probate Begins The Three Basic Steps of Probate The Duties of Personal Representatives, Executors, and Administrators Summary of Overview of the Probate Process
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Introduction to Overview of the Probate Process

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Before choosing whether to use probate, you should have a sense of what it entails. That's what this tutorial covers.

What you will learn

  • How Probate Begins
  • The Three Basic Steps of Probate
  • The Duties of Personal Representatives, Executors, and Administrators

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Introduction to Overview of the Probate Process

Probate is a court proceeding. It is the legal process by which a person’s final debts are settled and legal title to property is formally passed from the decedent to his or her beneficiaries and heirs. There are many arguments for and against probate and its value in a financial plan for estate planning. On one hand, probate provides a court-supervised distribution of an estate’s assets; while on the other, it subjects an estate to public scrutiny and additional costs of probate. Before choosing a side, learn the role of probate in estate settlement to determine whether it works or doesn’t work in your own estate plan before making a final decision.