Probate is required for most estates with assets titled solely in the deceased's name. Property held in a living trust, jointly with right of survivorship, or with a transfer-on-death designation generally avoids probate. Timelines range from a few months under small-estate procedures to over a year for contested estates.
Related terms
Step-Up in Basis
A federal tax rule (IRC §1014) that resets an inherited asset's cost basis to its fair market value on the date of the original owner's death.
Inheritance Tax
A state-level tax paid by the heir on the value of property received from a deceased person.
Estate Tax
A tax on the gross estate of a deceased person, paid by the estate before assets are distributed to heirs.