Definition
Probate
Probate is the legal process by which a court certifies that a will is valid and grants the executor authority to administer the estate accordingly.
It confirms the genuineness of the will and the executor's right to deal with the deceased's assets. In India, probate is mandatory for wills in certain cities and jurisdictions and for some assets, particularly immovable property, while in many other cases it is optional but can add legal certainty when claiming or transferring assets.
The process involves applying to the court, giving public notice, and paying court fees that may be linked to the estate's value. Probate can be time-consuming, so a clearly drafted will, an able executor and properly documented assets help the estate pass to beneficiaries with fewer delays and disputes.
Related terms
- Will (Testament)A will is a legal document in which a person states how their assets should be distributed after death and who should carry out those wishes.
- Testamentary SuccessionTestamentary succession is the transfer of a deceased person's assets according to a valid will, as opposed to the default rules that apply when there is no will.
- ExecutorAn executor is the person named in a will to carry out the deceased's wishes — gathering the assets, paying debts and taxes, and distributing the estate to the beneficiaries.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.