You may have heard the legal term “probate” used in casual or formal conversations. Probate is an area of the law that you should become familiar with because it can have enormous consequences for your loved ones and is oftentimes the cornerstone for estate planning. When we talk about probate, we are generally referring to the legal process by which a probate court supervises and renders a final decision on how an individual’s real estate, personal property, ancillary transactions, and day-to-day affairs will be handled, distributed or managed. Think of probate court as an open forum, that functions as a place where those who cannot speak for themselves (deceased, incapacitated or minor persons) may heard.
(more…)