Probate Process People States Assets Avoid Receive Inheritance

In the United States, "probate" is the legal process that officially recognizes a will and "appoints" (names someone to a particular position) the "executor" or another individual who will be responsible for administering the "estate" (all the money, items of value, and affairs of the person who has died) and "distributing" (giving to many people) the assets. In some states, the probate process is required by law. In other states, part or all of the probate process may be "avoided" (unnecessary; not required) if the will is written in the right way.

Many people are concerned about the cost and length of the probate process, although in most cases the process is not as expensive or "drawn-out" (taking a long time) as people fear. Most of the delay in transferring assets to "beneficiaries" (the people who receive benefits, especially payments from an insurance policy or an inheritance from a will) is caused by "tax filing requirements" (requirements to submit papers calculating the amount of tax owned). "Nevertheless" (even though this is true), many people try to "arrange their affairs" (control the way things will be handled) to avoid the probate process after death.

One common way to avoid the probate process is to have all the assets be "jointly owned" (owned by two people, most commonly a husband and wife), so that they pass to the "spouse" (husband or wife) of the "deceased" (the person who has died). Another way to avoid the probate process is to "transfer" (move) all the assets to a "living trust" (all money and things of value are placed into accounts that will be handled by someone else when someone dies). Some people choose this option because they believe it will allow their descendants to receive their inheritance more quickly and without paying high probate fees to the government.