How the probate system works.
Sometimes it becomes necessary for courts to oversee the distribution of your assets upon your death. That’s where probate comes in.
Probate is the legal process by which a person’s final debts are settled and legal title to property is formally passed from the deceased to his or her beneficiaries and heirs.
Probate provides a court-supervised distribution of an estate’s assets. However, the process subjects an estate to public scrutiny and additional costs of probate. So before making a final decision, learn the role of probate in estate settlement to determine whether it would work in your own estate plan.