In the context of real estate, probate is the legal process by which a court oversees the distribution of a deceased person’s assets, including their real estate property. When a person dies, their assets are typically transferred to their heirs or beneficiaries as specified in a will. However, if a person dies without a will, or if their will is deemed invalid, their assets must be distributed according to state laws.
During probate, a court will appoint an executor or administrator to gather and inventory the deceased person’s assets, pay off any debts or liabilities, and distribute the remaining assets to the heirs or beneficiaries. Real estate property is often one of the most valuable assets in an estate, and it may be subject to probate proceedings.
The probate process can be time-consuming and costly, as it requires court fees and legal expenses, which may be taken from the estate. Some estates can bypass the probate process if the person created a trust and transferred their property to the trust or if they had a valid beneficiary deeds or transfer on death deeds.
Once the probate process is completed, the legal title to the real estate property is transferred to the heirs or beneficiaries named in the will, or according to state laws in case of no will.
