Not everyone needs a probate administration. If a deceased person died owning “probate assets”, then a probate may be required to legally transfer those assets to an individual named in the Will or, if there is no Will, to the deceased person’s beneficiaries pursuant to state law. A Will does not eliminate the need for a probate, but it does provide the court and the person appointed personal representative with guidance as to how the probate should be administered.
What are Probate Assets?
Probate Assets - Assets owned by a deceased person in his or her individual name and have no way of passing to a beneficiary outside of probate.
Non-Probate Assets - Assets the deceased person owned jointly with rights of survivorship or individually with a designated beneficiary.
Examples Please?
Probate Assets | Non-Probate Assets |
Financial accounts owned by the deceased person individually without payable-on-death beneficiaries. | Financial accounts owned jointly with rights of survivorship or with payable-on-death beneficiaries. |
Life insurance, annuities, or individual retirement accounts payable to the deceased person’s estate. | Life insurance, annuities, or individual retirement accounts with payable-on-death beneficiaries. |
Real estate owned by the deceased person individually or with others as tenants in common, unless it was the deceased person’s homestead. | Real estate owned jointly as “husband and wife” or with “right of survivorship.” |
| Assets titled in the name of a revocable trust including, but not limited to, annuities, financial accounts, life insurance, and real property. |
Do you need a probate attorney?
Provurb is not a law firm and we do not provide legal advice. Information contained in this blog is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem, and it should not be substituted for legal advice. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult with a probate attorney.