Probate Assets and Non-probate Assets
Posted: January 22, 2015 |
Your Orange County estate planning attorney may recommend using a variety of probate and non-probate assets. He or she can explain the differences between these two different types of assets and the advantages of using each one.
Your Orange County estate planning lawyer can explain that these assets are those that are passed down through a valid will. If the decedent did not leave a will, the assets will pass through the laws of intestacy. A protected homestead serves as an exception because it can pass in accordance with the will’s provisions, but it is not subject to probate. Probate assets usually consist of those assets that are titled in the name of the decedent. However, if the asset can be disposed of through a beneficiary designation, they likely are not probate assets. An Orange County estate planning attorney can describe potential probate assets such as real estate, financial accounts, motor vehicles, intellectual property royalties, outstanding loans due to the decedent, proceeds from a pending lawsuit and personal property.
In contrast, your Orange County estate planning attorney can explain that non-probate assets do not pass through a will or intestacy. These assets include life insurance proceeds, Individual Retirement Accounts and retirement plans that the employer provides in which the decedent participated. The exception to this is if the estate or the personal representative is listed as the beneficiary. Trust assets and assets that pass by right of survivorship are usually non-probate assets.
Further Legal Assistance
If you would like more information on probate and non-probate assets, contact Brian Hogan by calling 877-302-7759.