Identifying Which Assets Should Go Through Probate

When you’re making your will, it’s important that you’re aware of which assets must go through probate and which do not need to be taken through the lengthy process. Your will determines how your assets are divided among beneficiaries, which is why you may want to know which of your assets can be given to your beneficiaries quicker by being able to avoid the probate process.

What Is Probate?

Probate is a type of legal process wherein a petition is filed in court to place the will in probate and to appoint what is known as an executor to the case. It is during this process that any creditors that the deceased was indebted to would collect from the remaining assets of the estate. Some of your assets will be required to go through this process while others do not need to go through probate and can instead be transferred more quickly to any of your inheritors.

Which Assets Need to Go Through Probate?

Probate is only necessary for the property of yours that was owned solely in your name or was owned jointly with someone else, such as a business that was owned with your son. An example of some of the property that is solely owned by you would be a car or a house that you own. Many other types of assets do not need to go through probate court, allowing you to control these more freely.

Assets That Don’t Require Probate

Most assets will not need to go through probate, especially if you were married or prepared beforehand to avoid a court case being opened. All your retirement accounts and any property that was placed within a living trust will not need to go through probate. Pension plans, U.S. savings bonds, life insurance proceeds, and wages that are due to you are just a few examples of assets that would be able to skip the process altogether. To better understand the probate process and all that it entails, you may want to contact a probate attorney in Las Vegas.