probate

pro·bate   (prō'bāt')    n.   The process of legally establishing the validity of a will before a judicial authority. Judicial certification of the validity of a will. An authenticated copy of a will so certified. tr.v.   pro·bat·ed, pro·bat·ing, pro·bates To establish the validity of (a will) by probate. adj.  Of or relating to probate or to a probate court: probate law; a probate judge. [Middle English probat, from Latin probātum, neuter past participle of probāre, to prove; see prove.]

Probate

The legal process in which a will is reviewed to determine whether it is valid and authentic. Probate also refers to the general administering of a deceased person's will or the estate of a deceased person without a will. The court appoints either an executor named in the will (or an administrator if there is no will) to administer the process of collecting the assets of the deceased person, paying any liabilities remaining on the person's estate and finally distributing the assets of the estate to beneficiaries named in the will or determined as such by the executor.

Investopedia Commentary

Because of the costs of court involvement in the probate process and the potential for involvement of lawyers who collect fees from the estate of the deceased, many people try to minimize costs associated with the probate process. There are tremendous legal and tax complexities in the probate process, so it is advisable to have a will and speak with a lawyer and financial professional in order to insure that your loved ones are not left with the complicated and often messy task of distributing the assets of your estate upon your passing.

Related Links

Three Documents You Shouldn't Do Without
Skipping-Out on Probate Costs
Getting Started On Your Estate Plan

See also: Estate, Estate Planning, Estate Tax, Intestate, Will

probate

The proof that a will is valid and that its terms are being carried out. Probate is accomplished by an executor/executrix who is paid a fee based on the size of the estate that passes through the will. Certain trusts and jointly owned property pass to beneficiaries without being subject to probate and the attendant fee. See also nonprobate property.

Main Entry: pro·bate
Pronunciation: 'prO-"bAt
Function: noun
Etymology: Latin probatum, neuter of probatus, past participle of probare to test, approve, prove
1 a : the process of proving in a court of competent jurisdiction (as a probate court) that an instrument is the valid last will and testament of a deceased person; broadly : the process of administering an estate b : the judicial determination that a will is valid
2 : the officially authenticated copy of a probated will
3 a : PROBATE COURT b : matters that fall under the jurisdiction of a probate court