What exactly is "Probate", as in regards to a will, or an estate, etc., etc.?

Question

Is it a good thing or bad thing when a will or estate "goes into probate"?

Answer 1

It always goes into probate, even if there's a will. That's just the process of checking legalities and divvying everything up.
.

Answer 2

Probate is generally a bad thing, at least as far as the heirs are concerned. If a person dies without a will, it's not clear how all their property and estate should be handled. So it goes to probate court, where the state decides what should be done with it - how much goes to creditors, to direct descendants or other family members, how much to taxes and the state. A lot of the estate is generally eaten up by taxes and fees, because the legal costs of the probate case are generally paid for out of the estate - so you're essentially paying the state to decide how to spend YOUR money! Even If you have a will, the estate can still go to probate if there is any confusion or loophole, so it's good to have it checked over by a lawyer.

Answer 3

Not all wills and/or estates go thru probate. Sometimes there isn't enough money in the estate to warrant probate and can be settled as a small estate. Probate can take a long time so its best to avoid it if you can. Any assets you have that designate a beneficiary or are "payable on death" avoid probate and are payable to that person or entity (trust, ect) upon your death.

Answer 4

In the US, all wills go into probate. The probate court is responsible for seeing that a valid will is executed, or in the event that there is no will, that the estate is divided up fairly.

Answer 5

From what i understand, an estate goes into probate when there is no legal will to determine how the assets (or debts) should be applied. Since there is no will, state law would apply. I think probate refers to probate court.

Answer 6

Probate is a period of time after the person dies that everyone in the will must wait to collect all the bills and the estate pays them it is usually 6 months and the lawyer runs a ad in the local paper to notify that the person is died.

Answer 7

Probate is the legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the decedent's property

Answer 8

Think of it as limbo. Nothing really happens, it a waiting period. It gives either party time to back out of the deal, or contest the will, etc.

Answer 9

it bascially just means that a court is going to help decide what goes where because the will isn't being executed properly. it just means more time and pains in the butt!