Probate is a court-supervised process for distributing the assets of a deceased person to the people or organizations that are entitled to the assets. The probate court oversees the process to be sure that the right people receive the assets. Creditor claims are usually resolved as part of the probate proceeding.
At Dogwood Estate Planning we settle probate estates in the most timely and affordable way possible.
Probate is often required to access bank accounts and other financial assets that were in the name of the deceased person alone (without a joint owner or payable-on-death beneficiary). In fact, due to privacy concerns, many financial institutions will not even discuss the account until the estate is opened with the court.
The purpose of probate is to give clear or marketable title to the deceased person’s assets. After the probate process is complete, the individuals or organizations that end up with the assets can sell them, take out loans against them, and otherwise freely deal with the assets.