What Assets Are Subject To Probate Administration?
All assets owned by you in your own name, not in joint tenancy, in trust or with a beneficiary designation, are subject to probate administration when you die.
Your property will be categorized as probate or nonprobate property. Probate property is property that will be transferred by the provisions of your will. Nonprobate property is property that is either jointly held and passes by right of survivorship, is directed by beneficiary designation, such as an IRA or a life insurance policy, or passes according to the terms of a trust. If you die without a will, your probate property will be distributed to your heirs at law and the Probate Court will appoint an administrator to oversee the distribution of your property.
The executor of your will is responsible for seeing that your debts, expenses and taxes are paid, your probate property is distributed according to the will's terms and your nonprobate property is received by the designated beneficiary.
Other Probate FAQs
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What Is Probate?
At death, your will goes through probate. Probate simply means the process by which your last will is determined to be your final dispositive statement and which … more -
Where Does Probate Occur?
Your Will is probated in the Court of the county and state in which you lived at the time of your death. If you own any property in another state, another probate … more -
Is There Any Way To Avoid Probate?
Yes, most states have a summary procedure whereby probate is avoided if the value of your assets is less than a certain value, or if the only heir or beneficiary is … more
Estate Planning Sub-categories
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Durable Power Of Attorney
Estate Planning Estate Taxes Guardianship |
Power of Attorney
Trusts Wills |
