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.
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- Depreciation, Intestate, Payable-on-death, Probate estate, Real property, Rights of survivorship, Transferable-on-death
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