Probate is the court process to enable a court-appointed fiduciary to collect assets, identify beneficiaries, identify creditors, pay creditors, and then distribute net estate assets.
Probate is usually necessary only when a person dies having had sole ownership of an asset without a beneficiary designation. Examples of such assets might include a vehicle, a bank account, or a house.
Court-appointed fiduciaries are sworn in by the judge to manage the estate. Both executors and administrators are considered court-appointed fiduciaries. An executor is typically nominated within a deceased person's Last Will and Testament. When someone dies without a valid Last Will and Testament, the judge will typically appoint an administrator to manage the estate.
To learn more about the probate administration process, please call Darpel Elder Law today.