Many people have heard of probate, and many of those who have heard of it know they should avoid it. But why would you want to avoid probate in the first place? What is probate, exactly? Is there a bare minimum of assets that require probate? Is probate still required even if you have a will?

All of these are frequent concerns for any estate planning lawyer, and we want to address them in the following essay.

What Does the Term "Probate" Mean?

This is a straightforward inquiry with a potentially perplexing response. Probate is the legal process that follows someone's death (decedent). This legal procedure is supervised by the court. Multiple steps, court hearings, and attorneys are frequently involved.

Probate entails demonstrating in court that the decedent's will is genuine, as well as identifying and inventorying the decedent's property, which includes both real and personal property, such as a home or a coin collection. The property will next be evaluated to establish the estate's worth.

Then any unpaid taxes or obligations will be settled. Finally, if the decedent's will has been found to be legitimate, the remaining property in their estate will be divided according to state law if there is no will or if the will has not been proven to be valid.

This procedure usually entails a significant quantity of paperwork, court hearings, and the engagement of attorneys. Probate is used to guarantee that a decedent's obligations are paid and that the assets of the decedent's estate are distributed to the right beneficiaries. Probate also permits the decedent's estate to be legally transferred to the decedent's beneficiaries. As a result, it functions as a receipt, indicating that the property has a new owner.

Hire the top legal firms in Sydney to get more information on estate planning.