GLOSSARY · TAX & ESTATE
Probate
The court-supervised process that validates a will, appoints an executor, pays the dead person's debts and taxes, and distributes what remains. It applies only to property titled in the person's name alone with no beneficiary or survivorship arrangement. Its cost, length and procedures are set by state law and vary widely, and most states offer a simplified process for small estates.
Also called: probate court, estate administration, ancillary probate
COMPUTE IT WITH YOUR NUMBERS
LEARN IT PROPERLY
CHAPTER · LEGACY & PHILANTHROPY PLANNING · STRATEGIESAvoiding Probate with Beneficiary Designations and Living TrustsCHAPTER · THE LONG GAME: GREEN CARD, RETIREMENT OR LEAVING · DEEP DIVEEstate Rules for People Who Are Not CitizensRELATED TERMS
SOURCES
- Uniform Probate Code. Uniform Law Commission.