Probate

When someone dies, their estate does not automatically pass to heirs. A probate court steps in to confirm the validity of any will, authorize an executor (the person named to carry out the will's instructions), pay outstanding debts and taxes, and distribute what remains. The process is governed by local law, so timelines and costs vary widely by jurisdiction — readers must work with a qualified attorney to understand what applies to their situation.

Two features of probate concern families with significant wealth. First, it is public: court filings typically become part of the public record, exposing asset details, family relationships, and beneficiary names to anyone who looks. Second, it can be slow — a moderately complex estate may remain open for a year or more, during which certain assets may be difficult to access or manage. A founder who sold her logistics company and held assets in many states could face simultaneous probate proceedings in each state where real property was owned.

A common confusion is that having a will avoids probate — it does not. A will must pass through probate to take legal effect. Assets held in a trust, or with named beneficiaries (such as retirement accounts), generally pass outside probate entirely. This distinction is one reason families commonly layer trust structures into their broader family office legal entities when thinking about estate planning.