When people hear the word probate, negative feelings typically follow. It is well known that the probate process is quite challenging and many people try to avoid it with good reason. As with most misconceptions, the process is a heavily simplified version of the truth – it doesn’t take into account the more desirable outcomes that can occur under specific conditions.
By definition, the probate process is something that follows upon the death of an individual where a judge casts a verdict of whether or not a person’s will and everything it specifies is valid. The probate process requires an inventory to be run of all personal property, a debt/tax index, and a strict analysis of all financial accounts and portfolios. After this process is completed, the distribution of all remaining assets takes place and the will is fulfilled. Before considering the probate process, it is important to consider both the negatives and positives probate offers.