Probate What Is It?
Probate is a specific legal process, but the word probate also means many things to many people. In general, probate is the term used for the legal process by which a deceased person’s final affairs are put in order; their bills are paid; and their assets are transferred. It can be very informal, or it can require court appearances, depending on the estate’s complexity.
Probate in its various forms has been around for centuries. Although probate exists for many reasons, the following are perhaps the most important reasons why probate might be necessary.
- Protect the deceased’s interests
- Protect dependants/family
- Protect heirs and beneficiaries
- Protect legitimate creditors
- Defend against illegitimate claims
- Transfer legal title of property
- Settle deceased’s affairs