What Is Probate & Why Should You Know About It? Probate is a court-supervised process that takes place after someone passes away to handle their estate—this can include real estate, bank accounts, and other assets. Through probate, the court:�• Confirms the validity of a will (if one exists)�• Takes inventory and assigns value to assets�• Settles outstanding debts and taxes�• Distributes remaining assets to heirs If there’s no will, state law determines who receives what. Simply put:�Probate mea