Probate Lawyer Tips: Assets That Won’t Go Through Probate

A Probate Lawyer Explains What Won’t Go Through Probate

In a previous blog, we discussed items you should leave out of a will. The reason you leave most of those items out is that they’re not subject to go through probate, so it becomes necessary to leave them in a will. That being said, you may still be wondering which of your assets won’t have to go through the probate process. Today in the Davidson Law Group blog, our probate lawyer breaks down some more assets that won’t need to go through probate.

What is Probate Again?

First, let’s have a brief refresher on probate. Probate is simply the process of proving a will through the judicial system. A will goes through probate in order to become a valid public document and be made official. It makes sure that the property and assets of the deceased are distributed properly and that their creditors are paid off as well. Although probate can be an arduous process, it is necessary to ensure that a will is executed correctly. If you have any other questions about how probate works, you can always consult with a probate lawyer at Davidson Law Group.

Related Post: A Probate Attorney Breaks Down Common Probate Terms

What Assets Won’t Go Through Probate

To make it a little easier for you, our probate lawyer compiled a list of assets that won’t be subject to probate.

  • Life Insurance
  • Living Trust Assets
  • Payable on Death Accounts
  • Transfer on Death Assets
  • Savings Bonds
  • Retirement Accounts
  • Stocks and Securities
  • Pension Plans
  • Wages and Salaries
  • Joint Tenancy Properties

This list is simplified and isn’t completely comprehensive, but it gives you a good idea of what you can expect. Many of these items have built-in beneficiary details. This means that if you named a beneficiary of the asset or account, it goes to them without having to go through probate. If you’re not sure about any of your assets, you can always consult with a probate lawyer to get things ironed out. It’s safer to not leave anything to question if you’re not familiar with probate law yourself.

Related Post: How Do Living Trusts Avoid Probate?

Contact a Probate Lawyer Today

The process of probate isn’t something that anyone likes to go through, but sometimes it’s necessary. If you have to go through the probate process, don’t go it alone. Hiring a probate lawyer makes sure that your interests are best represented. Their intimate knowledge of probate law ensures that you won’t miss anything. For more information, or to schedule an appointment with a probate lawyer, contact the Davidson Law Group in Fort Worth, Allen, or Tyler.