Types of Probate Property
What does it mean when an attorney tells you that something is probate property? When somebody passes away, he or she is called a decedent, and the property that they owned will be classified as being either probate property or non-probate property.
Put simply, probate property is the property of the decedent that moves through intestate succession– because the decedent passed away without having a legitimate will– or it is devised through the decedent’s will. Examples of probate property include such things as furnishings, family treasures, artworks or literature, and other kinds of personal effects one obtains during his/her life.
These days, nevertheless, a lot of transfers of property involve the transfer of non-probate property. When something is non-probate property, it indicates that it bypasses the procedure of probate and title to the property passes directly to the next owner or the beneficiary. What property counts as non-probate property is huge. It includes real or personal effects that is held in joint occupancy, such as checking account, mutual funds, and parcels of property; life insurance continues from a policy taken out on the decedent’s life; contracts which contain pay-on-death provisions, such as pension plans, tax-deferred investment plans; and, some interests in trusts.
Knowing what types of property you have plays a substantial function in developing an appropriate estate prepare for your loved ones. If you are unsure what kinds of property you possess, get in touch with a certified estate planning lawyer today.