865-999-SOLD (7653)     -     www.TNRealEstate.Auction

WHAT IS PROBATE?

a. By definition probate is the legal process for the transfer of assets-houses, cars, stocks, bonds, boats, etc. - from the deceased person's name to his or her estate so they can be sold or distributed to the heirs.

b. Probate is a process.

c. Probate takes place in the county of the decedent's residence.

d. Probate oversees the settlement of an estate.

e. Probate validates terms of a will, if there is one.

f. Probate pays legitimate creditors.

g. Probate distributes remaining assets.

WHO IS THE KEY PLAYERS?

a. Personal Representative ( also known as the PR)

b. Probate Clerk

c. Probate Attorney

d. Heirs

Special Types of Probate

a. Conservatorship

b. Guardianship

c. Living Trust