Probate Properties

In this article, we'll see as to which properties are probatable (known as "probate properties") and which are not. For this we need to list down all the properties of the dead person [known also as `decedent' or `deceased'] and remove all non-probate assets from the list. The remainder will be probate assets. So the set of probate properties can be defined as non-probate properties subtracted from total properties.The most commonly considered non-probate assets are the Community Property Agreement, a special agreement according to which the decedent's property is automatically transferred to the decedent's surviving spouse; Living Trusts; Joint Tenancy Property; Joint Bank Accounts with Right of Survivorship; accounts which are transferred to the surviving joint tenants; Payable on Death bank accounts; securities, accounts which are Transferable on Death; annuities; Individual Retirement Accounts; Life Insurance policies/premiums; employee benefit plans; foreign property, defined as real estate or financial property that was invested outside the state jurisdiction; Social Security benefits up to a certain limit; IRS tax refunds; and U.

S. Savings Bonds.Probate assets are the decedent's assets held in his/her sole name without any nomination.

These include bank accounts, financial securities, Individual Retirement Accounts, Life Insurance policies/premiums, employee benefit plans, foreign property, Social Security benefits, IRS tax refunds, and U.S. Savings Bonds.In general, probate assets include any document of ownership including real estate, financial or other tangible assets, such as a vehicle or vehicles, in which the decedent didn't nominate anyone. Probate properties are required by law to be inventoried and appraised.

By: Josh Riverside