Many people have a Will that instructs how their assets should be divided and distributed after their death.  However, a Will only determines the division of probate assets; a Will does not govern the division of non-probate assets.

What are probate assets?

Probate assets are assets that pass according to your Will.  Generally, these are assets that you own solely in your name. Examples of probate assets include:

  • Solely owned real estate
  • Solely owned bank accounts (without beneficiaries listed)
  • Personal property items such as jewelry, collections, and furniture

What are non-probate assets?

Non-probate assets are assets that pass directly to a named beneficiary or a co-owner based on contract or law. A Will does not determine the distribution of these assets. Therefore, the Probate Court does not oversee the distribution of these assets.  Examples of non-probate assets include:

  • Jointly owned real estate
  • A joint bank account
  • Life insurance with named designated beneficiaries
  • A retirement account with named designated beneficiaries

Why is planning for non-probate assets important?

  • Make sure they reflect your current wishes.
    • For example, does the designated beneficiary name an ex-spouse who you no longer wish to receive the asset?
  • Consider what happens to assets that will pass to minor children or beneficiaries with special needs.

What can I do to properly plan my non-probate assets?

  • You should review your designated beneficiaries and how your non-probate property will be distributed.

If you are interested in learning more about probate and non-probate assets, or would like to review that your designated beneficiaries of your non-probate assets are appropriately named, please call the office to schedule an appointment. We would be glad to meet with you for a no hassle initial consultation, free of charge, no matter how long it lasts.