Probate only applies to assets that were owned in the decedent’s sole name at death. The following are examples of probate assets and assets that pass outside of probate.
- A bank account in the sole name of the decedent is a probate asset. However, a bank account owned by the decedent that is payable on death, transfer on death, or held jointly with rights of survivorship is not a probate asset and will pass outside of probate.
- A life insurance policy or individual retirement account that is payable to a beneficiary is not a probate asset and will pass outside of probate. However, a life insurance policy or individual retirement account that is payable to the decedent’s estate is a probate asset.
- Real estate titled in the sole name of the decedent is a probate asset. However, real estate titled in the name of the decedent and other persons as joint tenants with rights of survivorship is not a probate asset and will pass outside of probate.
- Property owned by spouses as tenants by the entirety is not a probate asset when the first spouse passes away. Property held as tenants by the entirety automatically passes to the surviving spouse.
These examples are intended to be illustrative and do not include all situations.
Our law firm routinely represents clients in probate administration proceedings throughout the state of Florida and creates estate plans to carry out your wishes. Please call (407) 862-9449, email abigail@edelsteinlawoffice.com, or complete our contact form to speak to attorney Edelstein if you have any questions or would like to schedule a free consultation.