Glossary
Probate
Definition
The court-supervised process of validating a will, paying debts and taxes, and distributing the deceased person's assets to heirs.
Probate is public, takes 6–18 months in most states, and costs roughly 3–7% of the estate in fees. Assets that pass by beneficiary designation (401(k), IRA, life insurance, payable-on-death accounts) and assets in a revocable living trust skip probate.
Small-estate procedures simplify probate for modest estates in most states.
See also
Related terms
- Letter of Intent — A non-binding document that gives guidance to family and caregivers about your wishes for personal items, family history, and care preferences.
Sources
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