Examples of Probate Assets

The only assets that are subject to probate (Decedent’s “probate assets”) are those held in Decedent’s name without designated beneficiaries (other than his/her estate) on death.

Examples of Probate Assets:

• Decedent’s personal property inherited upon the deaths of his/her parents, as his/her separate property.
• Decedent’s bank and brokerage accounts, as to his/her one-half interest in community property.
• Decedent’s interest in a vehicle, a boat, or an airplane, as a tenant-in-common (ie, not joint tenancy) with other joint owners.
• A life insurance policy owned by Decedent on his/her life and whose named beneficiary is his/her estate.
• Decedent’s IRA or a Keogh Plan for his/her benefit and whose named beneficiary upon his/her death is his/her estate.

Examples of Nonprobate Assets:

• Decedent’s car, as a joint tenant (ie, with right of survivorship).
• Decedent’s bank account, payable on death (“POD”) to (or “in trust for”) one of Decedent’s children.
• Decedent’s securities, transferable on death (“TOD”) to a named charity.
• Any community property subject to a valid Community Property Agreement.
• A life insurance policy owned by Decedent on his/her life and whose named beneficiary is other than his/her estate (eg, his/her spouse or children).
• Decedent’s IRA or Keogh Plan for his/her benefit and whose named beneficiary upon his/her death is other than his/her estate (eg, his/her spouse or children).
• Property held in trust for the benefit of Decedent and whose named beneficiary upon his/her death is other than his/her estate (eg, Decedent’s Revocable Living Trust held for (i) his/her benefit during his/her life and (ii) his/her spouse or children following his/her death).

Nonprobate assets pass upon death to the named survivor or beneficiary “outside of probate.”