Probate is the legal process of settling an estate after the death of an individual. Probate court in most counties supervises the division of assets according to the instructions in a will or in the absence of a will as required by state law. An attorney represents the estate and seeks a settlement that is approved by the court.
In the case of a trust, the instructions of the trust are carried out without taking the estate to probate. Only assets not properly titled to the trust must be probated.
Related Fool Articles
Recent Mentions on Fool.com
- How Trusts Can Help You Protect Your Family and Your Money
- Netflix, Inc. Stock Just Plunged 16% This Week: Sell Signal or Time to Buy?
- 3 Things You Should Know Before Writing Your Will
- 3 Things Every Successful Financial Plan Should Have
- Estate Planning Checklist: How to Protect Your Future, Your Family, and Your Property
- What Is a Contingent Beneficiary? Something You Shouldn't Overlook