Understanding the Probate Process
Probate is a legal, court-supervised process that occurs after a death. In most cases, probate is a key part of settling the estate of a deceased person. In fact, probate may also be referred to as “estate administration.” It can vary in duration, often taking months to years depending on the complexity of the estate.
Probate (with a will) or Administration (without a will) is a Surrogate’s Court process to settle a decedent’s estate, required if assets exceed $50,000 or include real estate. The comprehensive process involves filing a petition, validating a will, appointment of an Executor or Administrator, paying debts and distributing assets. In some states, a simplified probate process can take place under certain circumstances. For example, this simplified process may be available if:
- the estate was a small one (i.e., the estate assets are valued at less than a specific amount)
- the decedent has been dead for a certain period such as two years
- there are no creditors with claims against the estate
- all the deceased person’s assets are all left to a spouse
Whether you’ve been named as an executor of a will or you’re making your own end-of-life plans, it’s worthwhile to understand the basics of the probate process. That way, you’ll know what’s involved and be able to make the best decisions regarding your estate or the estate of a loved one.
You don’t have to do it alone.
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