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What does probate and non-probate entail?

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Answer:

Assets that were owned by the decedent are probate assets. The estate needs to be probated in order for title to pass to the heirs. That property will pass according to the will or according to the laws of intestacy if there is no will.

Assets that were owned by survivorship with another person pass directly to the survivor and bypass probate. Those are called non-probate assets. Life insurance with a named beneficiary bypass probate. Bank accounts with a "payable on death" arrangement with the bank pass directly to the beneficiary and bypass probate.

First answer by Kluss. Last edit by Kluss. Contributor trust: 700 [recommend contributor ]. Question popularity: 9 [recommend question].

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