What Is Probate?
PROBATE is the legal action taken after a person’s death to transfer ownership of their property and pay their outstanding debts.
The length and cost of PROBATE is determined by two things:
The types of property owned by the person when they die; and
The planning they have done to transfer ownership of that property when they die.
As we have discussed in previous posts, a person’s property can be divided into PROBATE ASSETS and NON-PROBATE ASSETS. No matter what types of assets there are, the actual ownership of all property passes immediately on the death of the previous owner to the new owner. A PROBATE proceeding is necessary to establish the legal ownership and proof of that ownership for the new owner.
There are many ways to transfer ownership of property after a person dies. The most common method is by the Laws of Intestacy that take effect when a WILL has not been prepared. The most well-known method is by a person preparing a WILL before they die. However there are many other methods to transfer property. Proper planning will make sure the transfers satisfy the wishes of the person who dies while making PROBATE simple, quick, and inexpensive for the new owners of the property.