What is probate?

Probate is the court-supervised legal process used to validate a will, appoint the person responsible for administering the estate, settle debts and taxes, and distribute the remaining property to heirs or beneficiaries.

The details vary by state and by the complexity of the estate, but probate can involve filings, waiting periods, legal costs, and public records. This is why revocable trusts are often discussed in connection with probate: assets that are properly titled in a trust may be handled outside probate, while assets held only in an individual name may still need to go through that process.

Trusts are typically established with the help of a legal professional. Quorum does not provide legal or tax advice. We recommend consulting with your attorney or other professional to determine what's appropriate for your situation. You need to review a strategy for your own particular circumstances that takes into account the applicable laws in your state before making any decisions.

This material is intended for general, informational, and educational purposes only and is subject to change based on a person’s circumstances or changes in the law. The accuracy, completeness or reliability of the information provided is not guaranteed.