What Assets Should Be Listed for Probate?

Probate is the legal process that examines a person’s will and validates it to distribute the assets to the beneficiaries. It is a crucial process that helps to ensure that the intentions of the deceased are executed according to their will. However, not all assets are subject to probate.

If you are drafting a will or your loved one has recently passed away, you need to understand what assets should be listed for probate. Our Pompano Beach probate vs. non-probate assets lawyer at Mark R. Manceri, P.A., can explain everything you need to know about the probate process, including what assets should be listed for probate in Florida.

The Difference Between Probate vs. Non-Probate Assets

Probate assets are assets that the decedent owns in their name alone, without any designated beneficiaries, according to Florida Courts Help. They are assets that the probate court will oversee to assure that they are distributed according to the deceased’s will. These assets can include bank accounts, stocks, and real estate properties.

Non-probate assets, on the other hand, are assets that do not undergo probate administration. This may apply when the asset directly passes to beneficiaries without probate court intervention. These assets include insurance policies, joint properties, and trusts.

What Assets Should Be Listed for Probate?

Assets that must be listed for probate are those that are solely held by the deceased. This could be real estate properties or personal property that did not have a designated recipient. It could also be assets that the deceased person did not have beneficiaries for. Probate proceedings ensure that assets are appraised, debts paid off, and the remaining value transferred to beneficiaries listed in the will.

What Assets Should Not Be Listed for Probate?

Assets that do not require probate include those with beneficiaries listed on them. Examples of these are life insurance policies, joint bank accounts, and retirement accounts. These non-probate assets pass directly to the beneficiaries designated by the deceased, without any interference from the probate court.

It is important to know that if you own a property jointly with someone, probate may not be necessary. In joint tenancy, the property automatically passes to the surviving owner. However, the rules for joint tenancy differ from state to state. Assets held in trusts crafted by the deceased may also avoid the probate process.

Why You Need to Understand the Difference Between Probate and Non-Probate Assets

Having a clear understanding of probate and non-probate assets can help individuals properly plan their estate and make sure that their assets are distributed according to their wishes. Probate-avoidance strategies can also be implemented to ensure that the process is streamlined and less expensive.

Get Personalized Guidance Today

Probate administration is an essential part of an individual’s estate planning. It is crucial that you work with an experienced attorney to ensure that your estate plan is comprehensive enough to avoid hassles after you pass away. If you are still unsure about the assets that should be listed or not, get personalized guidance from our lawyer at Mark R. Manceri, P.A. Call 954-491-7099 today.