You can save yourself a lot of problems and craft a great plan if you know the difference between these two things: Probate Asset VS Non-Probate Asset
Today, lets cover probate assets.
Probate assets examples:
- Property solely owned by a deceased individual.
- Personal property and household items.
- Bank accounts and Life Insurance without beneficiary designated.
- Interests in businesses owned solely by the deceased.
Probate assets pass according to the instructions in your Will. Which is a good thing. Actually, it’s a great thing because the assets are going to the beneficiaries according to a thought-out plan in the Will.
Next week, we’ll cover non-probate assets.
Question? Give us a call today.