Probate is the legal process of administering the estate of a deceased individual (the “decedent”). Probate is required when an individual dies and leaves assets in his or her individual name. If the decedent prepared a Last Will and Testament, this document would be filed with the Probate Court when the estate is opened. The Last Will and Testament is a guideline for the Probate Court. The Last Will and Testament typically identifies the beneficiaries and the Personal Representative.
Through the probate court process a Personal Representative (formerly called an executor) is appointed to oversee the management and ultimate distribution of assets in the decedent’s estate. When deciding on a Personal Representative you need to ask yourself, who is the best person for the job? Did you know that if you were to set up a living Trust, you could avoid probate?
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