OfflineProbate is defined as:
The judicial process whereby the will of a deceased person is presented to a court
and an Executor or Administrator is appointed to carry out the will’s instructions.
In other words when someone dies all of their assets are given to the courts to decide who gets what. After settling any disputes the courts distribute the assets to the government, creditors then the family.
__________________
Probate can be an excellent way to obtain properties. Most people do not worry about probate because of the time needed to invest. However if you build relationships with lawyers and do your due diligence probate can be very profitable for you.
Upon someones death, if there is property involve then it will go thru the court system -- Probate. When my father passed, he had property and investments, land in florida, etc. Since all was paid off, there was no mortgages and no outstanding debt, with a will in place everything was given back to the family.
Anytime there is debt, mortgage, etc., the probate judge and attorney will make sure everyone is paid and then gives the rest to the family. Unfortunetly, by the time everything is handled by the attorney, his share is quite substantial.