Q. What assets usually must go through probate?
A. Assets owned solely in the deceased person's name, with no designated beneficiary
or co-owner, generally must go through probate before they can be transferred to heirs.
Q: Does jointly owned property go through probate?
A: Usually not. Property owned jointly with rights of survivorship automatically transfers
to the surviving owner without going through probate.
Q: What are POD and TOD designations?
A: Payable-on-Death (POD) for bank accounts and Transfer-on-Death (TOD) for certain
assets allow those assets to pass directly to the named beneficiary, avoiding probate.
Q: Do retirement accounts and life insurance policies go through
A: In most cases, no. If a valid beneficiary is named, retirement accounts, such as
401(k)s and IRAs, and life insurance proceeds are paid directly to the beneficiary
without court involvement.
Q: Can an asset still end up in probate?
A: Yes. If there is no surviving joint owner, no valid beneficiary, or the estate itself is
named as the beneficiary, the asset may become part of the probate estate.
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