Probate: Probate is the process of authenticating, or verifying, your will so that your executor can carry out the wishes you expressed in the document for settling your estate and appointing a guardian for your minor children. While the probate process can run smoothly if everything is in order, it can also take a long time and cost a great deal of money if your will isn’t legally acceptable or it’s contested by potential beneficiaries who object to its terms. If you die without a will, the same court that handles probate resolves what happens to your assets based on the laws of the state where you live through a process known as administration. The larger or more complex your estate is, the greater the potential for delay and expense.

 

Related Words

Probate: Probate is the process of authenticating, or verifying, your will so that your executor can carry out the wishes you expressed in the document for settling your estate and appointing a guard . . . View Full Definition

Probate Estate: Your probate estate includes all of the assets that will pass to your heirs through your will. It doesn’t include anything that you have sold, given away, put into trusts, or passed directly . . . View Full Definition

Recording: The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts for sale, options and assignments. There . . . View Full Definition

Executrix: A female person appointed by a testator to carry out the directions and requests in his or her last will and testament, and to dispose of his or her property according to the provisions of t . . . View Full Definition