Probate is a legal process whereby a deceased person’s assets are itemized, creditors are paid, and appropriate tax returns filed, and deliver whatever is due to the heirs.
If the deceased left a will, most of the time probate will be unnecessary. However, in the United States, if there is over $100,000 worth of assets probate may be necessary even if a will exists.
If the deceased had an IRA, mutual funds account, and life insurance, those are no probate assets. That is because these assets already have legally recognized named beneficiaries where the assets pass to them without the need for probate.
A home, bank savings and checking accounts are assets that may be probated. If the will does not specify who gets those assets or their total value exceeds $100,000; in many states probate will be necessary.