Which process involves proving a deceased person's will is valid and administering their estate?

The process of probate is fundamental in the management of a deceased person's estate. It involves confirming that the will presented is valid, which typically requires a court to review the will and affirm its legality. Probate also encompasses the administration of the estate, which includes settling debts, distributing assets according to the instructions within the will, and ensuring that any taxes owed by the estate are paid.

This process is judicial in nature, often requiring the appointment of an executor or personal representative who carries out the responsibilities laid out in the will or determined by the court if no will exists. Through probate, the deceased's wishes are honored, and the orderly transfer of assets to beneficiaries is facilitated, providing closure to the family and friends involved.

In contrast, the other options do not pertain to the validation of a will or the administration of an estate. Foreclosure relates to the process of reclaiming property due to unpaid debt, bankruptcy involves a legal proceeding for individuals or businesses unable to repay their creditors, and subordinations deal with the rearranging of the priority of debts or liens on a property. Understanding these distinctions underscores why probate is specifically the correct answer for validating a will and managing an estate after death.