Probate assets are assets that are controlled by a person’s will. It can include real and personal property, money, and investments in accounts that do not have beneficiaries or someone named to receive the money upon death. Non-probate assets transfer to another person without regards to the will. This can include financial accounts, life insurance, or bank accounts that name a beneficiary or name a person to receive the asset as a payable on death or transfer on death. It also includes property held in joint tenancy.
Category:
Probate and Estate Administration