What is probate?

"Probate" generally refers to a type of proceeding whereby a court will become involved in managing, protecting, distributing, investing, and supervising the distribution of the assets of either a decedent (dead person), a minor (a child under the age of 18 years old in Illinois) or a disabled adult (a person who because of physical or mental impairment can not fully manage their affairs).

The word "probate" can be used as a verb and an adjective. "To probate" means to go through the court processes dictated by the Probate Act of Illinois. More frequently, the word "probate" is used as an adjective. Here are some examples of "probate" as an adjective:

1. "Probate court" refers, in Cook County, Illinois, to the Probate Division of the Circuit Court of Cook County, Illinois. That division is charged with handling all probate matters arising in Cook County. The Probate Court is located in the Richard J. Daley Center (Washington and Dearborn Streets in Chicago) on the 12th floor (Probate Clerk's office) and the 18th floor (where all Probate Division court rooms are located).
2. "Probate estate" refers to an entity that is created by a court to handle the probate proceedings of either a deceased individual, a minor or a disabled adult.
3. "Probate assets" refers to the assets of a decedent, minor or disabled adult that are under the jurisdiction of a probate court as part of a probate estate. For example, with regard to a decedent's estate, only assets held by the decedent in his or her name alone are deemed probate assets and within the jurisdiction of the probate court. "Probate assets" would include property that allowed for a beneficiary to be designated, but where no living beneficiary exists at the date of the decedent's death. Such assets that allow for the designation of a beneficiary commonly include life insurance policies, individual retirement accounts (IRA's) and other retirement plans. "Probate assets" would also include property where two or more persons were named as co-owners, but where all other owners had died before the decedent. Conversely, property held by the decedent in joint tenancy or in a "pay on death" form of account, where the co-owner or beneficiary of the pay on death account are alive, will not be deemed to be probate assets. The reason is those assets pass automatically at death to the surviving joint co-owner or to the named beneficiary.