Which Assets Are Subject To Probate?

When an estate goes into probate, which is after the estate holder passes away, the court distributes some of the assets and property. Other assets, called “non-probate assets,” go directly to the named beneficiaries without the court’s involvement. Knowing which assets must go through probate can be confusing, but a Cincinnati probate attorney can help you structure your estate to consider these concerns. Let’s discuss the probate process in more detail and determine which assets are subject to probate.

The Complex Probate Process

To anticipate your estate going through probate, it’s essential to establish a Will in which you designate an executor. If you don’t name an executor or the court doesn’t approve the person you delegate, the judge will appoint a personal administrator.

Upon your death, the executor or administrator will file the Will with the probate court and distribute all the assets. This person has several other duties, including paying outstanding bills, informing beneficiaries and other relevant parties of your passing, filing tax returns, managing and possibly liquidating assets, and closing the estate.

Since the executor’s job involves a lot of time and effort, some people look for ways to skip probate altogether. When you seek help from a trusted estate law practice in Cincinnati, you can implement legal estate strategies to make this possible. The key is knowing which assets require filing with the probate court and which can be deemed non-probate assets.

Probate and Non-Probate Assets

Some assets must be included in the records your executor must file with the probate court upon your death. They most often are

• Property held in the decedent’s (person who passed) name or with the decedent listed as a tenant in common
• Furniture, vehicles, jewelry, and other personal property
• Accounts, such as brokerage or life insurance accounts, listing the decedent or the decedent’s estate as the beneficiary
• Bank accounts in the decedent’s name

Non-probate assets bypass probate and transfer directly to the named beneficiaries. These typically include

• Property held in a Trust
• Assets that are part of retirement accounts
• Brokerage, life insurance, or other accounts that list a beneficiary other than the decedent
• Bank accounts held mutually with beneficiaries that are listed as transfer on death (TOD) orpayable on death (POD)

Explore Your Estate Planning Options If you want to know if you can avoid probate court, need help with estate planning, or are looking for locally based representation for your small business, our team at Donnellon, Donnellon & Miller would be happy to work with you. We’ll take the time to understand your situation and discuss your options in detail. Contact our estate planning legal team today at our Montgomery office. Call us at 513.891.7087 or complete our online form to schedule a consultation.