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Probate Assets

Probate vs. Non-Probate Assets

When a person passes away, their assets are categorized as probate and/or non-probate for estate administration purposes.

Probate Assets

Probate assets are assets that the decedent owned in his or her name alone without a beneficiary designation. Examples of probate assets are a home that is in the decedent’s name only or a bank account in the decedent’s name alone without an “in trust for” or “payable on death” designation associated with the account.

Non-Probate Assets

Conversely, examples of non-probate assets include a joint bank account, an investment account with a beneficiary designation, or a home owned by husband and wife or by two or more individuals as “joint tenants with rights of survivorship.”

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