We were talking about the difference between these two things: Probate Asset VS Non-Probate Asset
It’s time for non-probate assets.
Non-Probate assets examples:
- Life insurance policies with designated beneficiaries.
- Retirement accounts with designated beneficiaries.
- Bank accounts with payable/transfer on death designations.
- Trust assets.
Essentially, if there is a beneficiary named, it will be a non-probate asset. Meaning, it will not pass in accordance with your Will through the probate process.
Non-probate assets do not require a probate to get to the beneficiary – usually the company holding the money will require a copy of the death certificate before releasing funds.
Question? Give us a call today.
PS. Remember, probate is NOT scary so give us a call before you start taking actions to put beneficiary designations on everything. There are good reasons to have property pass through the plan in your Will.