Learn Important Probate Essentials, including key things that go wrong in an estate, how to prevent them, and what to do if they happen.
Common assets that are not affected are ones held in joint tenancy, with right of survivorship, accounts with TOD or POD designations, and assets held in trust.
Under a Joint Tenancy each party owns an undivided interest in the asset. Both have the right to all of it and the right of survivorship. Upon death of one tenant, the asset is passed to the surviving tenant.
The Terms POD and TOD stand for pay on death and transfer on death, respectively. Under either scenario, the assets pass to the designated beneficiary without passing through probate.
Additionally, assets held in a living trust can bypass probate. If the deceased named a beneficiary, that asset will be passed directly to the beneficiary.
Knowing what is and is not eligible to bypass probate can be very confusing. We are here to help you during this difficult time in your life. Please contact us today for a free consultation.
Disclaimer: The information above is provided for general information only and should not be considered legal advice. Our probate lawyers provide legal advice to our clients after talking about the specific circumstances of the client’s situation. Our law firm cannot give you legal advice unless we understand your situation by talking with you. Please contact our law office to receive specific information about your situation.
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