What is Probate?

By Matthew Frankel, CFP – Updated Nov 15, 2024 at 9:24 AM

Key Points

Probate manages distribution of a deceased's estate; it can be streamlined by a will.
Certain assets like life insurance and jointly-owned property bypass probate automatically.
Creating a living trust with a professional's help can circumvent the often costly probate process.

Probate is the legal process for the distribution of a deceased person’s assets to heirs and can be a complex process. In this article, we’ll discuss what probate is, how it works -- both with and without a will -- and some of the most effective ways to avoid probate.

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An infographic explaining situations where probate is required. — Image source: The Motley Fool

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About the Author

Matt Frankel, CFP, is a contributing Motley Fool stock market analyst and personal finance expert covering financial stocks, REITs, SPACs, and personal finance. Prior to The Motley Fool, Matt taught high school and college mathematics. He holds a bachelor’s degree in physics from the University of South Carolina, a master’s degree in mathematics from Nova Southeastern University, and a graduate certificate in financial planning from Florida State University. He won a SABEW award for coverage of the 2017 Tax Cuts and Jobs Act. He is also regularly interviewed by Cheddar, The National Desk, and other TV networks and publications for his financial, stock market, and investing expertise.

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