Estate Planning
Probate
Definition
What is Probate?
The legal process of validating a will and authorising estate administration.
Example in practice
How This Looks in Practice
The executorThe person responsible for administering an estate according to a will and law. obtains probate before transferring certain investments.
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Related Terms
Estate Planning
Estate
The property, investments, rights, and obligations left by a person at death.
Estate PlanningEstate Planning
Arranging ownership, beneficiaries, documents, and taxes for incapacity or death.
Estate PlanningWill
A legal document directing how a person's estate should be handled after death.
Behavioural FinanceLoss Aversion
The tendency to feel losses more strongly than equivalent gains.