The probate process in San Antonio can be a bit complicated, and certain assets are non-probate here. In this article, we shall learn the difference between probate and non-probate assets. In case you need further guidance, please get in touch with the San Antonio Probate Lawyer.
Many individuals believe that after they die, their final will govern all of their assets. Even though the choice indicates that everything should go to the surviving spouse, surviving spouses are sometimes astonished to realize that they will not receive all of their deceased spouse’s possessions. Any assets that the decedent possessed entirely before their death are considered probate assets. The following are probate assets :
- Property held completely in the name of the decedent or as a tenant in common with another person.
- Furniture, jewels, vehicles, and other home things are examples of personal property.
- Bank accounts held entirely in the name of the deceased
- A share of a partnership, LLC, or corporation’s ownership or interest.
- Brokerage accounts or life insurance policies with the only beneficiary being the decedent or the decedent’s estate
Non-probate assets, on the other hand, are those that are held jointly with another individual. In other words, the support is a non-probate estate if the deceased was a joint owner with someone else. The majority of jointly owned assets are in the form of “joint tenants with rights of survivorship.” When one of the owners passes away, the other identified co-owner immediately inherits the property or asset.
- Property held as tenants by the whole or in a joint tenancy with the deceased
- A living trust owns the property.
- Accounts of life insurance or brokerage accounts with a beneficiary other than the deceased
You might need an experienced estate and trust lawyer to prepare a complete estate plan if you want to ensure that your assets go to the right people. You don’t want to be concerned about what will happen to your loved ones after you’ve passed away. It’s crucial to think about your probate and non-probate assets when selecting who should receive your assets. Even if you have a trust-based estate plan, you might find yourself with probate assets you didn’t expect to have. The advice of an expert estate planning attorney can assist you in distributing your purchases to your designated beneficiaries.