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.
To ensure you have the correct legal answer, please consult a probate attorney.
