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Probate vs. Non Probate What is the Difference?

February 15, 2019 by Greg Port, J.D., M.B.A.


Probate vs Non

When planning your estate it is important to understand the difference between probate and non-probate assets. Probate is the process through which a court determines how to distribute your property after you die.

Some assets are distributed to heirs by the court (probate assets) and some assets bypass the court process and go directly to your beneficiaries (non-probate assets).

The probate process includes filing a will and appointing an executor or administrator, collecting assets, paying bills, filing taxes, distributing property to heirs, and filing a final account. This can be a costly and time-consuming process, which is why some people try to avoid probate by having only non-probate assets.

About Probate Assets

Probate assets are any assets that are owned solely by the decedent. This can include the following:

    • Real property that is titled solely in the decedent's name or held as a tenant in common 
    • Personal property, such as jewelry, furniture, and automobiles 
    • Bank accounts that are solely in the decedent's name
    • An interest in a partnership, corporation, or limited liability company 
    • Any life insurance policy or brokerage account that lists either the decedent or the estate as the beneficiary

About Non-Probate Assets

Non-probate assets can include the following:

    • Property that is held in joint tenancy or as tenants by the entirety
    • Bank or brokerage accounts held in joint tenancy or with payable on death (POD) or transfer on death (TOD) beneficiaries 
    • Property held in a trust
    • Life insurance or brokerage accounts that list someone other than the decedent as the beneficiary
    • Retirement accounts

Probate vs Non Highlighted-02

When planning your estate, you need to take into account whether property is probate property or non-probate property. Your will does not control the distribution of non-probate property.

Check the ownership of your property and your accounts to make sure jointly owned property will be distributed the way you want it to. It is also important to review your beneficiary designations.

In truth, the best way to determine that your property is being distributed the way that you want it to is to contact an experienced probate attorney. Port Legal has the knowledge and expertise to shepherd you through the probate process. Click here to schedule a free, no-obligation consultation today.

Our consultations are completely free of charge and intended to equip you to make the best decision.

 


Topics: Estate Planning, Probate, Wills

Greg Port, J.D., M.B.A.

Written by Greg Port, J.D., M.B.A.

Port Legal founding attorney, Gregory Port has over 30 years experience. He has provided strategic corporate law representation in Central Ohio to clients since 1990. Gregory Port is a lawyer actively practicing in the areas of probate, estate planning, and real estate. His experience and core values are the cornerstones of Port Legal as a specialized advocate for your interests.