When preparing your estate plan, it’s important to understand the difference between probate and non-probate assets. Probate assets are those that pass through your Will and are subject to the court-supervised probate process — this typically includes assets titled solely in your name, like real estate or bank accounts without a named beneficiary. Non-probate assets, on the other hand, pass directly to a beneficiary outside of probate. These may include jointly owned property, accounts with payable-on-death or transfer-on-death designations, life insurance proceeds, and assets held in a Trust. Properly designating non-probate assets can simplify the transfer of wealth, reduce legal costs, and avoid delays for your loved ones.
If you have questions about how to utilize non-probate assets as part of your estate plan, or any other estate planning questions, give us a call at 253.858.5434 to find out how we can help.