{"id":2703,"date":"2023-05-15T09:40:51","date_gmt":"2023-05-15T09:40:51","guid":{"rendered":"https:\/\/alcleanscarpet.site\/Weatherby\/2023\/05\/15\/understanding-the-difference-between-probate-and-non-probate-assets\/"},"modified":"2023-06-08T06:15:46","modified_gmt":"2023-06-08T06:15:46","slug":"understanding-the-difference-between-probate-and-non-probate-assets","status":"publish","type":"post","link":"https:\/\/alcleanscarpet.site\/Weatherby\/understanding-the-difference-between-probate-and-non-probate-assets\/","title":{"rendered":"Understanding the Difference Between Probate and Non-Probate Assets"},"content":{"rendered":"<p>In order to prepare your estate plan, you need to know that your assets can be put into two categories: probate and non-probate assets.\u00a0 Once you understand the difference between these two types of assets, you will be able to make informed decisions about how you wish to distribute your property to your loved ones.<\/p>\n<p>Probate refers to the process by which a court determines whether a person\u2019s Will is valid.\u00a0 It is also used to describe the administration of a person\u2019s probate estate once the validity of the Will has been established.\u00a0 This includes tasks such as accounting for estate assets, paying any debts or taxes owed by the estate, and distributing the remaining assets to the beneficiaries of the estate.<\/p>\n<p>Probate assets are assets owned by a deceased person (the \u201cdecedent\u201d).\u00a0 They will pass to the beneficiaries named in the decedent\u2019s Will (or, if the decedent did not have a Will, to his or her heirs under state statute).\u00a0 Examples of probate assets include:<\/p>\n<ul>\n<li>Personal property, such as jewelry and furniture<\/li>\n<li>Bank and brokerage accounts owned solely in the decedent\u2019s name that have no beneficiary designation<\/li>\n<li>Real property owned solely by the decedent or an interest in real property owned by the decedent as a tenant in common<\/li>\n<li>Life insurance policies that list either the decedent or the estate as the beneficiary<\/li>\n<\/ul>\n<p>By contrast, non-probate assets have a survivorship feature or a beneficiary designation.\u00a0 As a result, this type of property does not pass to beneficiaries through the probate process.\u00a0 Instead, the property can immediately flow to a designated person or entity.\u00a0 Examples of non-probate assets include:<\/p>\n<ul>\n<li>Real property owned in joint tenancy with a right of survivorship<\/li>\n<li>Bank accounts with POD (payable on death) or TOD (transfer on death) beneficiaries<\/li>\n<li>Retirement benefits with beneficiary designations such as 401(k), IRA, 403(b), profit sharing plans<\/li>\n<li>Life insurance policies that list someone other than the decedent as the beneficiary<\/li>\n<li>Property held in a trust<\/li>\n<\/ul>\n<p><a href=\"https:\/\/alcleanscarpet.site\/Weatherby\/wp-content\/uploads\/2014\/03\/Probate-and-Non-Probate-Assets.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-294\" src=\"https:\/\/alcleanscarpet.site\/Weatherby\/wp-content\/uploads\/2014\/03\/Probate-and-Non-Probate-Assets.png\" alt=\"Probate-and-Non-Probate-Assets\" width=\"667\" height=\"343\" \/><\/a><\/p>\n<p>Your Will does not control the distribution of non-probate assets.\u00a0 Therefore, you need to identify these assets and coordinate their distribution with the provisions of your Will.\u00a0 The ability to distribute assets outside of the probate process offers several advantages.\u00a0 First, it allows named beneficiaries to avoid the time and expense associated with probate.\u00a0 Instead, they will have access to your assets immediately upon your death.\u00a0 If you own property in multiple states you can avoid going through an ancillary probate process in those states (See\u00a0<a href=\"http:\/\/weatherby-associates.com\/blog\/2013\/11\/ancillary-probate-what-it-is-and-how-to-avoid-it\/\">this article<\/a>\u00a0for additional information about ancillary probate).<\/p>\n<p>Avoiding probate is also useful if you think someone might contest your Will.\u00a0 Some non-probate assets are also protected from a decedent\u2019s creditors.\u00a0 For example, life insurance policies are not usually subject to claims against a decedent\u2019s estate as long as the decedent or the estate is not named as the beneficiary on the policy.\u00a0 If the decedent, the estate and is some states the Living Trust is named as the beneficiary on a life insurance policy, this would make the proceeds from the policy probate assets subject to creditors of the estate.<\/p>\n<p>Understanding the differences between probate and non-probate assets will allow you to create a more individualized estate plan that addresses your specific goals and concerns.\u00a0 For example, you can turn some probate assets into non-probate assets and gain greater control over what happens to your assets upon your death and, in some cases, your incapacity.\u00a0 This can give you peace of mind and make things easier for your loved ones after you are gone.<\/p>\n<p>https:\/\/weatherby-associates.com\/underst<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In order to prepare your estate plan, you need to know that your assets can be put into two categories: probate and non-probate assets.\u00a0 Once you understand the difference between [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2703","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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