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Estate Tax
Probate & Non-Probate Assets
Wills
Durable Power of Attorney
Medicaid
Income Tax: Step-Up In Basis
Gift Taxes
Titling Your Assets
Living Trusts
Avoiding Probate Court
Living Will & Healthcare
Power of Attorney
Organizer of Information, Document Locations, and Funeral Arrangements
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It is important to have a list of assets including the beneficiary designations and joint tenants with rights of survivorship holders.
Such a list clearly shows what assets will pass non-probate (by beneficiary designation or to a surviving joint tenant)
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To learn more about
Planning Your Estate
Contact Us to Schedule a Visit
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Clients come saying that they want to avoid the probate court process. There is much confusion about the Probate Court process, costs, time involvement, etc. A basic understanding of probate and non-probate assets is very important. In many cases avoiding probate is easily accomplished particularly between a husband and wife. Below is information about probate and non-probate assets.
Probate assets are those assets held in the decedent's individual name, with no beneficiary designation, and not held as joint tenants with rights of survivorship.
Examples of probate assets held in the decedent’s individual name include:
- • Real Estate
- • Stock
- • Bank Accounts
- • An Automobile
Probate assets are transferred through Probate Court according to the decedent's Will, and if there is no Will, according to state statute.
Non-probate assets have beneficiary designations or are held as joint tenants with rights of survivorship.
Examples of non-probate assets include:
- • Life Insurance
- • Company Pension Plans
- • 401(k)s, IRAs, TSAs
- • Annuities
- • Pay-On-Death (POD) Accounts
- • Transfer-On-Death (TOD) Assets
These assets will pass directly to the named beneficiaries. Assets held as joint tenants with rights of survivorship will pass directly to the surviving joint tenant. Non-probate assets are transferred by use of a death certificate and sometimes an affidavit.
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