Probate
Probate is the legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries after the payment(s) of any taxes and/or debt(s) are settled. In general, property which requires probate is distributed according to the terms of the decedent's Last Will and Testament, if a Will exists. If no Will exists, then generally a decedent's estate is distributed according to the intestate laws of the state where the decedent had his/her residence. If there are minor children who are beneficiaries of a decedent's estate, and if a decedent dies without a Will (or without a valid Will), then the cost of probate may be astronomical due to the extra hoops that may have to be jumped through in the probate process because of the minor children and/or because of adult beneficiaries who cannot agree amongst themselves to have an independent administration. These problems occur because minor children do not have the capacity to sign agreeing to an independent administration of a probate estate and/or the adult beneficiaries of an estate refuse to sign such an agreement.
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