probate


Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.

Probate

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

probate

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.

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.

probate

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 ?
She disclosed that the Probate Registry in Lagos state is now fully.
He was judge while I was going to law school, so I focused on probate and taking the classes and doing the things that would eventually prepare me to follow in his footsteps.
Created pursuant to Standing Order 3-17, the pilot program accepts contested cases involving the probate of a will, the determination of heirs, and the appointment or removal of a personal representative.
The problem is that every financial institution seems to have a different level at which probate is required.
"However, once the grant of probate has been received by us, it then takes just five days, on average, to pay the life assurance claim.
An instrument dated the 3rd day of October 2014, was, on the 14th day of July, 2017, admitted to Probate as the Last Will and Testament of the above-named Decedent without the appointment of a personal representative.
"This particular measure will raise PS300 million but it won't reflect the work that is done - applying for probate takes the same amount of time if an estate is worth the minimum of PS50,000 or if it's PS50 million.
Thirty-year-old solicitor Laura Brydon has joined the firm's wills trusts and probate team and will work closely with partner Rebecca Harbron-Gray, bringing the team total to seven.
In the current case, a person domiciled in Florida but also owning land in Georgia passed away, and the decedent's estate went through probate. At first, the Florida probate court directed the estate's representative in Florida to distribute the decedent's Georgia real estate, but one of the beneficiaries appealed the order, arguing that the Florida probate court lacked jurisdiction to dispose of the Georgia real estate.
The Registry operates under the jurisdiction of the DIFC Courts, which handles all probate claims related to registered wills.
Dubai: The region's first Wills and Probate Registry launched by DIFC Courts in May for the benefit of non-Muslim expatriates is getting "highly positive" response, Courts' Chief Justice, Michael Hwang said on Sunday.
M2 EQUITYBITES-May 7, 2015-HSBC Holdings to Sell UK Probate Services Business