Probate is necessary whenever an individual passes away with assets under their name (such as a residence or bank account). The probate process, also known as “estate administration,” is conducted to transfer ownership of those assets. Probate may also be necessary when appointing a “personal representative” who handles the deceased’s affairs, such as initiating legal action against someone responsible for their death.
The primary purpose of probate is to transfer ownership of the deceased person’s assets to their beneficiaries. If there are no assets to transfer, probate is typically not necessary.
Additionally, probate serves to facilitate the payment of any outstanding debts and taxes owed by the estate. It also sets a deadline for creditors to submit claims, preventing any unresolved debts from impacting the beneficiaries. Ultimately, probate ensures the proper distribution of the remaining estate assets to the rightful heirs or beneficiaries.
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