Get started Begin Your Estate Plan Answer some questions. We’ll take care of the rest.
What are probate assets?
Probate is a legal process that occurs after someone has died. Under probate, it must be proved in court that the decedent’s Will is valid, their property must be inventoried and assessed, all debts and taxes must be paid, and then the remainder is distributed according the directions in the Will. Probate assets, then, are any property covered in the Will.
What are non-probate assets?
Non-probate assets can be transferred directly rather than being lumped, put through court, assessed, taxed and distributed. These include:
- Joint and survivorship property
- Life insurance benefits
- Retirement benefits
- Living Trusts
- Accounts payable or transferable on death
Probate and non-probate proceedings each have their own strengths and weaknesses, so look over your options carefully to choose one that’s right for your situation.
Keeping organized records will help your executor with estate administration. Be sure they know where your records are kept, and how to access them. Important documents for estate administration include:
- Wills
- Advance Directives like Durable Powers of Attorney or Living Wills
- Records of ownership (Deeds, bonds, titles, etc.)
- Birth, Marriage and death certificates
- Contracts
- Military papers
- Personal legal documents (divorce settlements, prenuptial agreements, property settlements)
The executor or estate administrator isn’t necessarily responsible for the funeral or memorial service, but if the decedent made provisions for such services in his or her Will, it’s the executor’s job to make sure the funds are available after probate.
Whether you’re looking to get your own estate in order, or manage someone else’s, Rocket Lawyer can help. Our online interviews make it easy to create personalized legal documents, and you can even Find a Lawyerif you need more help.
Get started Begin Your Estate Plan Answer some questions. We’ll take care of the rest.
Get started Begin Your Estate Plan Answer some questions. We’ll take care of the rest.