What is probate? Will my estate need to be probated?

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Generally speaking, probate, or the probate process, involves collecting a decedent's assets, paying estate creditors and taxes, and distributing property to estate heirs/beneficiaries.  Two factors are generally considered when determining whether a decedent's estate must be probated:  1) at death, did the decedent own any land (or minerals) solely or with another person as a tenant in common, and 2) does the decedent have "probate assets" that exceed $50,000 in value.  If the answer to 1 or 2 is yes, then the person's estate must be probated.  "Probate assets" are assets which get distributed through a person's Will.  Probate assets are not assets which are owned in Joint Tenancy (with rights of survivorship) or that already have death provisions such as a beneficiary designation (example - life insurance policy), a POD (payable-on-death) designation (example - checking account), or a TOD (transfer-on-death) designation (example - an investment account).

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