The legal process wherein the estate of a decedent is administered.
When a person dies, his or her estate must go through probate, which is a process overseen by a probate court.
An individual may also decide to liquidate assets, such as house and land for cash.
The cash could then be used to boost his or retirement nest egg or pay off creditors.
If the decedent dies intestate—without leaving a will—the court appoints a Personal Representative to distribute the decedent's property according to the laws of Descent and Distribution.A portfolio comprised of stocks and bonds for an investor whose objective is to purchase a home five years from now, may have these securities liquidated in five years.The cash proceeds would then be used to make a down payment for a home.The most senior claims belong to secured creditors, who have collateral on loans to the business.
These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.In its final year, the company employed approximately 19,500 people throughout the U.