WHAT IS PROBATE?
Probate is the process by which a court legally recognizes a person’s death and authorizes the administration of his or her estate. Administration of an estate involves managing and distributing the deceased’s property. The purpose of probate is the transfer of assets from the deceased to the heirs or beneficiaries.
DOES ALL PROPERTY HAVE TO PASS THROUGH PROBATE?
Some assets and property are considered non-probate. Some examples of assets and property that do not need to be probated are: life insurance, payable on death accounts, retirement accounts with named beneficiaries, and transfer on death deeds to real property.