What Does Probate Mean?
What does probate mean?
The technical definition of probate is the court process of proving that a will is valid.
Alright, but the more real world definition, the real world meaning that most people think of, is the entire process of settling the final affairs of somebody who’s died.
And that’s really three stages.
The first stage is yes, the court process of proving that a will is valid and appointing an executor.
Or if somebody died without a will, then doing administration and proving which family member or professional executor should be in charge of settling the final affairs of the estate.
The second stage is administrating or settling the estate, and that’s collecting the bank accounts and brokerage accounts, then organizing and paying off all creditors, and filing and paying final taxes.
And the last stage is taking what’s left and making sure that all heirs and beneficiaries got the share that they’re entitled to.
And that whole process is what most people think of when they think of probate.
Hope you found this helpful. Take care now.
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