Probate
The court process validating a will and distributing an estate.
What is Probate?
Public, can take months to years, and incurs court and legal costs. Assets with beneficiary designations, joint ownership with survivorship, or trust title bypass it entirely.
Probate: a worked example
A brokerage account with a transfer-on-death registration skips probate.
More terms in Planning, Insurance & Estate
Emergency Fund
Liquid reserves covering several months of essential expenses.
Net Worth
Total assets minus total liabilities.
Term Life Insurance
Pure death benefit for a fixed period, no cash value.
Whole Life Insurance
Permanent coverage with a guaranteed cash value component.
Disability Insurance
Income replacement if illness or injury prevents you from working.
Long-Term Care Insurance
Covers extended custodial care that health insurance and Medicare do not.
Will vs. Revocable Trust
Directs assets through probate versus holding them outside probate.
Beneficiary Designation
Account-level instructions that override the will.