What are Probate Assets? Are Real Estate, Insurance Policies and IRA’s Probate Assets?

Some types of probate assets:

Real Estate Asset probateReal estate titled in the sole name of the decedent, or in the name of the decedent and another person as tenants in common, is a probate asset (unless it is homestead property), but real estate titled in the name of the decedent and one or more other persons as joint tenants with rights of survivorship is not a probate asset.

Property owned by husband and wife as tenants by the entirety is not a probate asset on the death of the first spouse to die but goes automatically to the surviving spouse.

Probate, Life Insurance, Annuity, IRA ProbateA life insurance policy, annuity contract or individual retirement account that is payable to a specific beneficiary is not a probate asset – but a life insurance policy, annuity contract or individual retirement account payable to the decedent’s estate is a probate asset.

Probate wills and bank accountsA bank account or investment account in the sole name of a decedent is a probate asset, but a bank account or investment account owned by the decedent and payable on death or transferable on death to another, or held jointly with rights of survivorship with another, is not a probate asset.

This list is not exclusive but is intended to be illustrative.

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The information above is courtesy of The Florida Bar and represents general legal advice. Because the law is continually changing, some provisions in this blog may be out of date. It is always best to consult an attorney about your legal rights and responsibilities in your particular case.

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