After all Assets have been cataloged and inventoried, they must be correctly categorized as either a Probate Asset or a Non-Probate Asset.

This is necessary because some Assets are required to go through Probate before being distributed to Heirs and Beneficiaries, but others are not; instead, they can be directly transferred to a designated person.

In order to identify Asset type, review the below criteria.

Probate Assets
These are Assets held only in the deceased's name, with no designated Beneficiary, and are not automatically transferred after a death.

Typically, items that fall into this category do not have title documents, but additional examples include, but are not limited to:

• Real estate held solely in deceased's name


• Personal property (furniture, jewelry, clothing, appliances, etc)


• Bank accounts held solely in the deceased's name


• Interest in an LLC, corporation or partnership

These assets are distributed according the deceased's Last Will & Testament, however if one does not exist, then they are distributed according to state law governed by Probate Court.

Non-Probate Assets
These are Assets that automatically transfer to someone after a death; they include, but are not limited to, items which are:

• Jointly held


• Designated to a beneficiary


• Held in a Trust

Examples of these Assets include, but are not limited to:

• Life insurance policies with a designated Beneficiary


• Property held jointly in Title with Survivorship Rights (real estate, vehicles, boats, etc)


• Bank accounts, 401(k)s & IRAs designated as Pay-On-Death (POD)


• Stocks, bonds & securities designated as Transfer-On-Death (TOD)