Common Assets That Go Through Probate
- owned solely in the name of the deceased person—for example, real estate or a car titled in that person’s name alone, or.
- a share of property owned as “tenants in common”—for example, the deceased person’s interest in a warehouse owned with his brother as an investment.
What assets are not included in probate?
Non-probate assets can include the following:
- Property that is held in joint tenancy or as tenants by the entirety.
- Bank or brokerage accounts held in joint tenancy or with payable on death (POD) or transfer on death (TOD) beneficiaries.
- Property held in a trust.
What needs to be included in probate assets?
They commonly include bank accounts, investment accounts, stocks, bonds, vehicles, boats, airplanes, business interests, and real estate. They can also include personal property that may or may not have much value, such as artwork, memorabilia, and electronics.
Do all assets go through probate?
Not everything you own will automatically go through probate. Assets that generally do not go through probate are 1) jointly owned assets that transfer to the surviving owner; 2) assets that have a valid beneficiary designation; and 3) assets that are in a trust. However, these assets do not always avoid probate.
What constitutes an estate after death?
Estate administration is the process that occurs after a person dies. During this process, a person’s probate assets are collected, his or her creditors are paid, and then the remaining assets are distributed to his or her beneficiaries in accordance with his or her will.