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Updated over 6 years ago on . Most recent reply

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39
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12
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Sean Beksinski
  • Lender
  • Glen Burnie, MD
12
Votes |
39
Posts

What is a probate ?

Sean Beksinski
  • Lender
  • Glen Burnie, MD
Posted
The official proving of a will. Is the definition I got on google. Can someone help explain in your own words?

Most Popular Reply

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1,578
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Mark Pedroza
  • Real Estate Agent
  • Sacramento/Placer ~ San Francisco Bay Area counties
741
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1,578
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Mark Pedroza
  • Real Estate Agent
  • Sacramento/Placer ~ San Francisco Bay Area counties
Replied

Probate (the legal term for gathering the assets of a deceased person to pay his/her debts and distributing the balance to the beneficiaries) is a court-supervised process which can span from several months to several years, depending on the complexity of the case.

Most probates close in less than 2 years but almost all probates complete 3 phases. 

Appointment ~ court appoints an estate representative "Administrator" (no will) or "Executor" (will).

Administration ~ The estate representative or PR ~ resolves all claims and debts against the estate.

And Closing (In CA ~ Final Distribution) ~ The estate representative ~ Prepares final report and accounting for submission to court and beneficiaries for approval.

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