Traditionally, only “probate property” must go through a judicial probate proceeding following an individual’s death. “Non-probate property” is usually transferred automatically, by operation of a person’s death (though various applications and forms may need to be completed in order to collect that property).
“Probate property” refers to any assets which the decedent owned solely in their own name at the time of their death, and which continue to be owned by their estate following death.
Examples of probate assets that are typically subject to probate include:
- Financial accounts that are titled solely in the decedent’s name and lack a payable-on-death designation;
- The decedent’s share of real estate was owned solely by the decedent, or jointly owned as a “tenant in common”, as opposed to “joint tenants with rights of survivorship”.
- tangible personal property, such as automobiles, artwork, household goods, and jewelry;
“Non-probate property” are assets which, by operation of law or beneficiary designation, pass automatically to someone else following the decedent’s death.
Examples of non-probate property include:
- Real estate owned as joint tenants with rights of survivorship (as opposed to co-ownership as “tenants in common”);
- Any financial or investment accounts which contain a designated beneficiary, such as life insurance, checking and savings accounts, 401(k), IRAs, Pensions, and CDs.
Contact Baker Law Group today to get the assistance you need from a Probate Lawyer Colorado Springs Residents Trusts.