|Posted on April 16, 2014 at 8:35 AM|
“Probate property” is any type of property that is in the sole name of an individual and which, upon the death of the individual, will pass under a will or under the law of intestate succession if the individual dies without a will. Conversely, “non probate property” is property which will not pass under a will or under the law of intestate succession. Non probate property (with a few exceptions) is not subject to “probate” (administration of an estate through a court—see my earlier post “What Is Probate?”). Common types of non probate property include real estate held by spouses in both of their names (“tenants by the entirety”), property held with another person as joint tenants with right of survivorship, “pay on death” or “transfer on death” property, life insurance, IRA’s, 401K’s, annuities, and other property payable to a named beneficiary under a contract, and property held in trust which names beneficiaries to whom trust property is to be distributed following the death of the person who created the trust.
Categories: Probate And Avoiding Probate