What is Probate?
Probate is a public court process that helps settle legal and financial matters upon death according to a will — if there is one — or otherwise according to the laws of intestate succession.
Non-Probate Assets
These assets pass directly to a named recipient without going through the court process:
Assets with Named Beneficiaries
- Retirement accounts (401(k), IRA)
- Annuities
- Transfer on Death (TOD) designations
- Life Insurance
Assets Held in Trust
- Pass directly to the trust beneficiary
Jointly Held Assets
- Joint Tenancy with Right of Survivorship (JTWROS) — passes to the joint owner
- Tenancy by the Entirety — passes to the joint owner
Probate Assets
These assets must go through the court probate process:
Individually Owned Assets with No Beneficiary
- Car
- House
- Bank account (with no named beneficiary)
- Personal belongings
Assets Titled as Tenants in Common
- Each owner's share passes to their will beneficiary, or through intestate succession if no will exists
