Probate is defined as the legal process by which both personal and real property in an estate is transferred to the heirs or beneficiaries of the deceased person. As a result, there are two different kinds of probates; formal administration and summary administration.
- Formal administration is used when the total value of the state minus the value of exempt property from creditors, is more than $75,000 or if it has been more than two years since the decedent passed.
- Summary administration is the simplified type of probate. It is defined as the estates value, less creditor claims, is less than $75,000, or if the decedent passed away more than two years prior to filing the administration.