Probate

Probate is the formal legal proceeding that gives a court authority over a deceased person's estate. A judge confirms the will's validity, appoints an executor (the person responsible for carrying out its terms), ensures creditors are paid, and oversees the transfer of assets to beneficiaries. The process is governed by state law, so procedures, timelines, and costs vary considerably by jurisdiction.

For families with substantial wealth, probate carries several practical concerns. Court records are public, meaning asset values and beneficiary names become visible to anyone who looks. The process can take months or years, during which certain assets may be frozen. Attorney and court fees accumulate throughout.

A hypothetical founder who died owning real estate in three different states might trigger three separate probate proceedings, one in each state. This "ancillary probate" multiplies cost and delay. Many wealthy families use revocable living trusts and beneficiary designations specifically to keep assets out of probate entirely. A common confusion is believing that having a will avoids probate; a will actually passes through probate. It is the document the court uses to guide the process. A qualified estate attorney can evaluate which assets in a specific estate require probate and which do not.