What is Probate?

Probate is the legal process of verifying a deceased person’s will to establish its validity and ensure that their wishes are carried out according to law.

While probate primarily confirms the authenticity of a signed and witnessed will, it encompasses much more than simply proving its validity.

In addition to validating the will, the probate process involves several important steps:

• Identifying and Inventorying Property:
  Compiling a detailed list of the deceased’s assets, including both personal belongings and real estate.
  
  
• Appraising Assets:
  Determining the current value of the property to ensure accurate distribution and tax assessment.
  
  
• Paying Debts and Taxes:
  Settling outstanding debts and filing any required tax returns to clear the estate of financial obligations.
  
  
• Distributing Remaining Property:
  Transferring the remaining assets to beneficiaries according to the will. If no will exists, distribution follows state or provincial inheritance laws.

In some cases, probate can be avoided or minimized through estate planning tools, such as creating a living trust or designating beneficiaries on accounts.

While probate is often necessary, consulting with a legal professional can help explore options to streamline or bypass the probate process, allowing for a smoother transition of assets.