Probate is a legal process in which the authenticity of a will is proved; total properties identified, inventoried and appraised; taxes and debts paid; and the remaining properties distributed. The term "probate" is derived from the Latin word "probare," which means "to prove." Suppose all of a persons property, sometimes known as assets, were in that persons name. The term assets includes real property (lands and houses), tangible personal property (jewelry, vehicles, etc.), and intangible personal property (stocks and shares, bank accounts, etc.) Normally a persons spouse and children will inherit his assets after proving to the court that they are legal heirs. They do this by submitting the marriage and birth/adoption certificates. But they can claim full control of the assets only if the assets are validated by any court of law. For this, they need to submit the death certificate and a record of all the decedents assets, with documentary proof, to the court. The court will appoint an administrator, known sometimes as a personal representative, to verify, inventory and appraise the assets. But some assets, such as bank deposits, for which the decadent nominated someone when opening the account, are transferred into the latters account without any court intervention. On the other hand, lets say a person prepared a clear document in which he stated how much and to whom the assets should be distributed. If he hasnt named a personal representative, the court will appoint an executor and a guardian for his children to manage the assets. The person should have signed the document in front of two or more witnesses and gotten it notarized. This document is called a will. As he passed away after writing a valid will, he is considered to have died testate. The term testate means to make a will. The person who wrote the will is known as the testator. If the person died without leaving a will, he will be known to have died intestate. Law requires that heirs prove the authenticity of the will to the court. Then the court will administer to pay any debts and taxes from the assets and validate the remaining assets owed by John. The court will issue an order for transfer of his property to the beneficiaries, as directed by the will or according to inheritance laws. The time taken for the whole probate process depends on a number of factors, such as the size of the estate, validation of the will, the appointing of an executor if theres no will, and finding and notifying all beneficiaries. If all the papers are not complex, the process takes less than a year, in general. If the will is contested, probate can take years to complete. |
