When someone dies, their estate goes through a legal process called probate. During this process, a court oversees the distribution of the deceased person's assets. However, not all assets go through probate. Some assets are exempt from the process, and it's essential to understand which ones they are. Here's what you need to know:
1. Assets with a Designated Beneficiary
Assets that have a designated beneficiary, such as life insurance policies, retirement accounts, and payable-on-death accounts, do not go through probate. The beneficiary named on the account receives the asset directly.
2. Assets Owned Jointly
If the deceased person owned assets jointly with another person, those assets may not go through probate. For example, if a married couple owns a home jointly, the surviving spouse would automatically inherit the property.
3. Assets Held In a Trust
Assets held in a trust do not go through probate. Instead, the trustee manages the assets and distributes them according to the terms of the trust.
4. Assets with No Designated Beneficiary or Joint Owner
Assets that have no designated beneficiary or joint owner, such as bank accounts, stocks, and real estate, may go through probate. However, there are ways to avoid probate, such as setting up a trust or creating a transfer-on-death deed.
5. Personal Property
Personal property, such as furniture, jewelry, and artwork, may or may not go through probate. If the deceased person had a will, the property would be distributed according to the will. If there's no will, the property would be distributed according to state law.
Don't Hesitate to Contact Adrian Philip Thomas, P.A.
Bottom line, it's essential to understand which assets go through probate, as it can impact the distribution of the deceased person's estate. If you're unsure about whether an asset goes through probate, it's best to consult an attorney who specializes in estate planning and probate.
At Adrian Philip Thomas, P.A., we have extensive experience in probate law and can help you navigate the complex process. Contact us today to schedule a consultation.
Call Adrian Philip Thomas, P.A. now at (800) 776-3103 or request a complimentary consultation online.