Probate
The legal process through which a court validates a will and oversees the distribution of a deceased person's assets. Probate can be time-consuming and expensive, which is why many people try to avoid it through trusts.
Legal Definition
The judicial process of proving the validity of a will, appointing a personal representative, inventorying assets, paying debts and taxes, and distributing the remaining estate to beneficiaries under court supervision.
Practical Example
After Tom dies, his family files his will with the probate court. A judge confirms the will is valid, appoints Tom's wife as executor, and she spends the next 8 months inventorying assets, paying debts, and distributing property to the beneficiaries named in the will.