Probate is a court-supervised process to set up an estate, manage the affairs of
a deceased person and distribute their property. Typically when a person dies
with a will, the executor or the heirs petition the Surrogate Court to have the
will declared valid and to have the executor formally appointed to take care of
the assets of the estate. Depending upon the property that is in the estate and
other requirements that might apply, the executor may have to pay the debts of
the deceased person, take care of filing tax returns and paying the taxes, and
pay out the remaining assets to the appropriate beneficiaries.
While probate is a somewhat involved process, it is not the worst thing to be
avoided at all costs, especially in New Jersey and New York. The executor
will have some work to do, but can be compensated through executor
commissions.