What are My "Probate" Assets?

One of the most common questions we get is: what does my Will do?  Among other things, it controls what happens to you probate assets at your passing.  Well, what are probate assets?  This questions is easier to answer if we talk first about non-probate assets.  These include:

• Beneficiary Designated accounts are non-probate assets: these are retirement accounts, life insurance, some investment accounts.

• TOD/POD accounts are non-probate assets: TOD (transfer on death) and POD (payable on death) are beneficiary designation forms that you complete for bank accounts (checking, savings, money market) and some investment accounts.

• Assets that are titled “Joint with Rights of Survivorship” are non-probate assets.  This is typically a home, bank account or joint investment account. Not all accounts that are titled as “joint owners,” though include rights of survivorship so be careful.

Anything that does not fall into one of these categories is going to be a probate assets.  This includes:

• Business interests,

• Real property that is not held joint with rights of survivorship,

• Bank accounts, investment accounts, retirement plans and life insurance that do not have a beneficiary designation,

• Personal property, including cars,

• Any other assets that do not pass by operation of law or contract.

We can work with you sort through these questions and assist in making decisions about your estate plan.