What is probate?

Probate refers to the legal process through which a deceased person's will is confirmed and validated by a court. This process ensures that the will is legitimate and correctly reflects the wishes of the deceased regarding the distribution of their assets. During probate, the court oversees the administration of the deceased's estate, which includes validating the will, appointing an executor if one is not already designated, and potentially resolving any disputes among beneficiaries.

The probate process serves a crucial function in ensuring that the legal transfer of assets takes place according to the intentions expressed in the will. It provides assurance to beneficiaries that they will receive their inheritances as outlined. Additionally, the process typically involves the payment of any debts and taxes owed by the deceased before assets are distributed.

In contrast, the other options describe concepts related to estate management and transfer but do not accurately define probate. For example, while there may be taxes associated with inheritance, this is separate from the legal process of validating a will. Similarly, financial judgments against an estate or methods of valuing properties are distinct activities that may occur within the broader context of estate management but do not specifically refer to the probate process itself.