Monday, September 21, 2009
Probate is how an estate is distributed in court or the legal process of administering a deceased persons estate as per their will. This process is usually only gone through when there are significant assets to be transferred. This does not include life insurance or retirement benefits which have a set beneficiary. A living trust is not subject to probate.
The court appoints an executor who will be in charge of managing the estate. When there is no will then the court names an administrator. Either of these hold a fiduciary duty to the family and the court to act on another's (the deceased) behalf. AS an executor you do get paid for your service, depending on the size of the estate.The will can be contested and this begins another process to resolve it.
Posted by Chris Keeler