What is probate, and when is it required?

Probate is the legal process of administering a deceased person’s estate, ensuring that debts are paid and assets are distributed according to their will (or state law if there is no will). Probate is typically required when the deceased owned assets solely in their name without designated beneficiaries. However, smaller estates (less than $75,000) or those with assets in trusts or joint ownership may bypass probate.