Probate is the process of administering the estate of a deceased person. When a probate case is filed with the court, the claims of creditors should be resolved and the deceased’s assets are distributed as directed under the will.What are probate assets? Property held solely in the name of the decedent, and no beneficiary is named, is considered an asset of the probate estate. Examples of probate property include:
- real estate
- vehicles, boats, motorcycles
- bank accounts
- investment accounts
- bonds and stocks
- life insurance proceeds
- other personal and real property
This list is not all inclusive and could include a variety of other assets. Examples of property that is not included in probate include:
- assets owned as joint tenants
- beneficiary assets such as life insurance and retirement assets
- “Pay on Death” accounts (P.O.D.)
- “Transfer on Death” accounts (T.O.D.)
- life estate assets of the decent
This list is also not all inclusive. In general, assets excluded from the probate process are those that no longer belong to the decedent at death because the asset transferred by operation of a contract or under the law immediately upon the decedent’s death.
If you are a personal representative and you need assistance with probating a will, contact Maura Curran to assist you.
