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The term that describes the legal process of distributing a deceased person's estate is "Probate." This process involves validating the deceased person's will, if one exists, and overseeing the distribution of their assets according to the terms of that will or, if there is no will, according to the laws of intestacy. During probate, debts and taxes are also settled before the remaining assets are distributed to the beneficiaries.

Probate is a crucial step in estate management, as it provides a legal framework that ensures fair and orderly distribution. It also protects the rights of all parties involved, including creditors and beneficiaries, by ensuring that the decedent’s wishes are honored when possible. This process is typically handled in a court system, where a judge supervises the proceedings.

Other terms like custody, conveyance, and administration refer to different legal concepts. Custody generally relates to guardianship of minors or pets rather than asset distribution. Conveyance involves the transfer of property from one person to another but does not encompass the entire legal process associated with handling an estate. Administration refers to managing the estate, which includes probate, but it is not synonymous with the process of distributing the estate itself. Therefore, "Probate" is the most accurate descriptor for the legal process involved here.