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Probate is kind of a mysterious thing. Lots of people have heard the term probate, but
really have no idea what the heck it is. They think it's this mysterious labyrinth process
controlled by nameless, faceless judges, nameless, faceless lawyers. It can be like that, but
usually it's not. Usually it's very straightforward. Simple is not a word I would use, but straightforward
I think more accurately describes it. What probate is in its essence, is it's a couple
of things. First and foremost, it's making sure that the debts of the deceased are paid.
The deceased may have ended up with a debt on a home, a car, a credit card. They may
end up owing taxes. The deceased's debts are paid before anything else happens. After the
deceased's debts are paid, then probate really changes from a bill paying process to a title
changing process. And so what happens is at the end of the day, the deceased's name comes
off of the deceased's accounts. The deceased may have had a bank account. The deceased's
name comes off of that account. That account goes into the name of the heirs. The deceased
may own some real estate. A deed is issued taking the deceased's name off of the deed,
putting the property in the name of the heirs. That happens with cars, again, bank accounts,
investments, real estate what have you. So probate's two things: first, it's paying the
debts of the deceased, second it's make sure the heirs get the property--the deceased's
name comes off the asset, the heirs name goes on.