The following is an excerpt from my article "20 Things You Must Know About Probate".

What is Probate?

Probate is a legal process that takes place after someone dies. It includes:

Proving in court that a deceased person's will is valid (usually a routine matter)

Identifying and inventorying the deceased person's property

Having the property appraised

Paying debts and taxes, and

Distributing the remaining property as the will (or state law, if there's no will) directs.

How does the Probate process work?

Probate usually works like this: After someone dies, the person named in the will acts as executor -- or, if there is no will, the person appointed by a judge -- files papers in the local probate court. The executor proves the validity of the will and presents the court with lists of property, debts, and who is to inherit what is left. Then, relatives and creditors are officially notified of the death.

The executor must find, secure, and manage the assets during the probate process, which commonly takes a few months to a year. Depending on the contents of the will, and on the amount of debts, the executor may have to decide whether or not to sell real estate, securities, or other property. For example, if the will makes a number of cash bequests but the estate consists mostly of valuable artwork, the collection might have to be appraised and sold to produce cash. Or, if there are many outstanding debts, the executor might have to sell some of the property to pay them.

In most states, immediate family members may ask the court to release short-term support funds while the probate proceedings lumber on. Then, eventually, the court will grant the executor permission to pay debts and taxes and divide the rest among the people or organizations named in the will. Finally, the property will be transferred to its new owners.