What is Probate?
November 6, 2007 | Leave a Comment
When you die, the assets you own or have an interest in are “stuck,” unless you own them as tenant-in-common with someone else or you have a “pay-on-death” or “transfer-on-death” designation. Probate is a court supervised process of ensuring that to the various assets is passed to your beneficiary(ies) according to the “closeness” of your relative(s), according to the state laws where you died in. If you left no Will (an “intestate estate), a separate probate proceeding will need to take place in each state where there are assets.