Estate Planning Glossary
The legal process a court uses to validate a will, settle debts, and distribute a deceased person's assets.
Plain English
Probate is the court process that happens after someone dies. A judge validates the will, creditors get paid, and then assets go to beneficiaries. It's public, slow — often 9 to 18 months — and can cost 3 to 5 percent of the estate's value in fees. A living trust lets your family skip it entirely.
Why it matters
Without a trust, most assets go through probate. That means your family waits months, pays court fees, and anyone can look up what you owned and who got it.
A living trust avoids probate. A will alone does not.
Related terms
Common questions
Most probate proceedings take 9 to 18 months. Simple estates in states with streamlined procedures can close faster. Complex estates or contested wills can take years.
Probate typically costs 3 to 5 percent of the gross estate value in attorney fees, executor fees, and court costs. On a $400,000 estate that is $12,000 to $20,000.
Yes. A revocable living trust avoids probate entirely. Jointly owned property, beneficiary designations on retirement accounts and life insurance, and payable-on-death accounts also pass outside probate.
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