What Are Non Probate Assets

Probate is the court supervised process of locating and approximating the value of the assets owned in the individual name of a deceased person. This is a process for paying the dead persons final bills, estate taxes, inheritance tax, and distributing the remaining assets to the listed heirs.

Non probated assets are specifically assets that will not have to go through the court supervised process after the person dies. Typically the assets have a beneficiary named, who then receives the asset directly upon the death of the individual. If the listed beneficiary is deceased as well, the asset would flow in to the probate process.

Examples of non probate assets:

Assets owned by the deceased with a spouse or others with rights of survivorship

Assets owned by the deceased with a spouse as tenants by the entirety

Assets owned by the deceased in a revocable living trust

Assets owned by the deceased as payable on death accounts

Assets owned by the deceased as transfer on death accounts

Assets owned by the deceased as in trust for accounts

Assets owned by the deceased in Totten accounts

Assets owned by the deceased as life insurance policies

Assets owned by the deceased as IRA's, 401K's, or annuities

Assets owned by the deceased as health, medical savings accounts

This is a breif description of non probate assets. Home Care Path encourages families to consult an independent estate planning service for a better understanding of probate process. Home Care Path www.homecarepath.com is a leading senior care provider serving south central Wisconsin. Choose from our elder care services:

-in home staffing for seniors
-inpatient advocacy for safe successful hospital stays
-transitional counseling when more structured service is needed
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Call 608-432-4286 to schedule an in home interview. Email seniorcare@homecarepath.com Valueing home and human life!