Some types of property pass through a will, while others pass automatically upon death. The term “probate asset” describes a person’s property that will pass by their will. This typically includes property that is in the decedent’s name, such as:
- Real property owned solely by the decedent
- Personal property
- Family Heirlooms
In other cases, the decedent’s asset may have a named beneficiary. The term “non-probate asset” describes a person’s property that will pass outside their will. Some examples of non-probate assets include:
- Retirement accounts
- Life insurance policies
- Property with a transfer-on-death deed
- Bank accounts
Consider speaking with an estate planning attorney to discuss the best estate plan for you. At Baxter Legal Services, we work with our clients to understand what types of assets they have and how best to distribute those assets according to the client’s wishes.
Call Baxter Legal Services at 425-686-0574 to discuss your estate plan with one of our experienced Washington attorneys.