Estate Administration 101: When is Probate Required?
We’ve discussed how assets pass after death in previous posts on our blog, but how do we know when a probate is actually required? The assets owned by a deceased person can be split into two separate categories: probate assets and non-probate assets. Non-probate assets are those assets that have a beneficiary or pay-on-death designation, have a joint owner who has a right of survivorship, or those assets administered by a trust. These assets pass outside of the probate estate