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Related to Probate law: probate will, Probate estate


The process by which a will is authenticated and carried out. That is, probate ensures that the will is in fact the decedent's final wishes and that everyone is receiving what they ought to receive. The executor of the estate usually handles probate, but his/her actions can be challenged in probate court. Some property, notably property co-owned with a spouse, is exempt from probate.
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The proof that a will is valid and that its terms are being carried out. Probate is accomplished by an executor/executrix who is paid a fee based on the size of the estate that passes through the will. Certain trusts and jointly owned property pass to beneficiaries without being subject to probate and the attendant fee. See also nonprobate property.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.


Probate is the process of authenticating, or verifying, your will so that your executor can carry out the wishes you expressed in the document for settling your estate and appointing a guardian for your minor children.

While the probate process can run smoothly if everything is in order, it can also take a long time and cost a great deal of money if your will isn't legally acceptable or it's contested by potential beneficiaries who object to its terms.

If you die without a will, the same court that handles probate resolves what happens to your assets based on the laws of the state where you live through a process known as administration. The larger or more complex your estate is, the greater the potential for delay and expense.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


To prove the validity of a will. Probate courts generally oversee decedents' estates, the payment of bills,and the distribution of assets.Some states have exemptions for small estates,which may avoid probate.Other states have no exemptions.Probate will need to be opened in every state in which a decedent owns assets,including real estate,unless there is a specific state exemption.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
(96.) 5 Missouri Practice Series, Probate Law & Practice [section] 359 (3d ed.).
and British probate laws arose because conditions in the two countries were different.(46) With the development of a market economy in colonial America, feudal principles were not applicable.(47) Because there was an abundance of unclaimed land throughout our nation's history, the United States did not attach as much importance to its ownership as the British did.(48) In addition, the preference for male descendants over female descendants in intestacy law began to erode in America during colonial times, long before it did in England.(49) This preference disappeared because it "was considered incompatible with that equality ...
If studies indicate that we metaprefer who decides to what is decided, then the probate law model should win the day.
Because the "worst evidence" principle of American probate law requires the testator to be dead before the court decides whether he was capable when he was alive, good planners take steps to generate and preserve favorable evidence of the testator's capacity and independence.
However, in view of state probate law and the common name attribute, in this situation the stepbrother should be treated as a nondependent close relative for purposes of independence.
"The probate lawyer you choose should be experienced in handling all aspects of probate law and contentious probate litigation," she said.
Dillon, of Dover, is a member of the Trusts and Estates Department and practices in the areas of taxation, estate planning, probate law, and elder law, including Medicaid planning,
If you have an interest in real property and/or probate law, you should join the Real Property, Probate and Trust Law Section.
James Quilinan, chairman of the estate planning, trust, and probate law section of the California state bar, calls some of these factories "outright crooks."
Kenneth Abdo, an attorney who specializes in probate law and has worked on the estate of Prince, who also died without a will, says the IRS will conduct an audit of her holdings.
Anyone needing representation for criminal cases, family law, wills, trusts, estate planning, real estate law, probate law and social security disability is encouraged to call 309-685-7900 with questions.