Probate involves identifying and collecting a deceased individual’s assets, payment of his/her debts, and distribution of dead person’s property among his/her loved ones or beneficiaries. It is vital to settling the financial affairs of the deceased.
Probate is an essential requirement to pass on the deceased person’s probate assets’ rights to the beneficiaries if the deceased did not have an established will. Giovannetti Thurston, PLLC can facilitate and help you understand this process.
Assets of Deceased that Do Not Go Through Probate
Common non-probate assets include the following[i]:
- Joint assets or property that is under the ownership of two or more people
- Those assets for which the decedent already nominated a beneficiary
- Assets that a living trust holds
Who is a Supervisor of Probate Administration?
A circuit judge is responsible for handling the probate proceedings. The judge considers all the evidence to ensure the identities of the decedent’s beneficiaries or heirs to determine who will receive the probate estate of the deceased[ii].