Probate is a court supervised process of distributing property as directed in a will or in accordance with the law if no will exists. Since there is court supervision of the entire process, the heirs/beneficiaries can be assured of a full and fair valuation and distribution of the estate. Probate is necessary whenever a deceased person leaves titled assets in their name alone.

The main function of probate is transferring title of the decedent's property to his of her heirs and/or beneficiaries. If there is no property to transfer, there is usually no need for probate.

Another function of probate is to provide for a mechanism for payment of outstanding debts and taxes of the estate, for setting a deadline for creditors to file claims (thus foreclosing any old or unpaid creditors from haunting heirs or beneficiaries) and for the distribution of the remainder of the estate's property to ones' rightful heirs or beneficiaries.

Your will is probated in the Court of the county and state in which you lived at the time of your death. If you own any property in another state, another probate proceeding may be required in that state and county.

Estate Planning is a process by which a person designs a strategy and prepares documents to conserve, protect, and distribute estate assets before and after death for the benefit of loved ones and charities, taking into consideration the effect of state and federal tax and administrative laws and regulations. It can also involve planning for the use of your assets for your care if you become unable to manage your affairs during your lifetime.

On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or when you die.

On the personal side, a good estate plan includes directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you select would do that for you, and know when you would want them to authorize or refuse heroic measures.

An estate consists of all the property a person owns or controls, whether in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust, and all other monies that would be generated on the person's death, such as through life insurance. It includes:

• life insurance, pension benefits, annuity contracts, IRAs, all debts and obligations owed to others
• real property and things attached to it (houses, buildings, barns, etc.)
• all personal property (including automobiles, bank accounts, stocks and bonds, mutual funds, stock options, cash, furniture, jewelry, art, collectibles, etc.)
• all businesses and business interests (sole proprietorships, partnerships, corporations, joint ventures, and the goodwill, inventory, tools and equipment, accounts receivable, and other business property, etc.)
• powers of appointment (the right to direct who gets someone else's property) all claims you have against others.

You should have an estate plan if:

• you care about who inherits your property;
• you care about your health care treatment;
• you are the parent of minor or disabled children; and/or
• you want to avoid the public proceedings of a possible guardianship and probate.