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Probate

Definition

The legal process of administering a deceased person’s estate, including validating the will and distributing assets.

What to consider

  • Understand that probate can be time-consuming and costly.
  • Consider estate planning tools to possibly avoid it.
  • Review the process so you know what to expect.

Real world scenarios

  • After her aunt passed away, Lily had to go through probate to legally settle the estate and distribute assets according to the will.

Related terms

Car Title
Guardianship
Disability Insurance
Chapter 13 Bankruptcy
Power of Attorney (POA)

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