What is an Estate? – The Basics

Probate estate refers to the assets and property of an individual that are subject to probate upon their death. When someone passes away, their assets and property become a part of their estate. The probate process is the legal process by which the decedent’s assets are distributed and their debts are settled.

During probate, the court will review the decedent’s will, if one exists, and ensure that their debts are paid off. The court will also distribute the decedent’s assets and property according to their will or, if there is no will, according to state law.

Probate can be a complex process, and it is important to understand the laws in your state. Each state has its own probate laws and procedures, and the process can vary depending on the value of the estate and whether there is a will.

It is also important to note that not all assets are subject to probate. Assets that are held jointly with another person or assets that have a designated beneficiary, such as life insurance policies or retirement accounts, will not be subject to probate.

Overall, understanding the probate process is important for anyone who wants to ensure that their estate is properly settled after they pass away. Working with an experienced estate planning attorney can help ensure that the process goes smoothly and that your assets are distributed according to your wishes.

If you have questions regarding your estate, or the estate of a loved one, contact Chapman Law, PLLC to discuss your situation.

This blog is intended to provide general information and, therefore, should not be treated as legal advice. You should contact a qualified attorney for questions about legal issues.