Do All Assets Have to Go Through Probate?
"Not all assets have to go through probate. Only probate assets have to go through probate. I am going to give examples of what probate assets are. A probate asset is an asset that is usually just in an individual’s name. If let’s just say John passes away. If John has a bank account, investment account, CDs in his name alone, these are probate assets because they’re individually owned.
If John also has retirement accounts, but those retirement accounts do not have any beneficiaries listed, then this is a probate asset. Or if John has a retirement account or a life insurance policy that has beneficiaries listed, but those beneficiaries are deceased, then this is a probate asset. If John owned a business, his business interest is a probate asset.
Probate assets are just individually owned assets or assets that do not have a beneficiary designating where they should go. Obviously, non-probate assets are going to be anything that is either jointly titled or that has beneficiaries listed. If John passed away, he could have probate and non-probate assets, but only those probate assets, again, those assets only in his name alone, would have to go through probate."
Your Phoenix Estate Planning Attorney
If you are interested in creating or updating your estate plan, you should consult with an experienced estate planning attorney who understands Arizona’s unique laws and regulations. Nicole Pavlik has successfully helped many Phoenix residents navigate the estate planning process and is ready to offer you the advice you need. Call Nicole Pavlik Law Firm today at 602-635-6176 to schedule a consultation.
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