Do All Assets Go Through the Probate Process?

Generally speaking, the first part of the estate administration process is probate. Without further ado, continue reading to learn whether all your assets will have to go through probate and how one of the experienced Butler County estate & trust administration attorneys at Heritage Elder Law & Estate Planning, LLC can protect them throughout this process.

What happens to my assets during the probate process?

Well, say that you successfully established a Last Will and Testament prior to your unfortunate passing. In this case, at the time of your death, your loved one may present it to the Register of Wills in the county you resided in, along with a certified copy of your death certificate. From here, the Register of Wills may give your designated executor an oath of office, the legal authorization, and the documentation necessary for them to begin administering your assets to your desired beneficiaries. Importantly, such administration of your assets must go in accordance with the terms and conditions of your will.

Of note, this process may work similarly even if you did not establish a valid and enforceable will beforehand. The only difference may be that the Register of Will appoints an executor on your behalf. Also, your asset administration may go in accordance with the Pennsylvania laws of intestacy.

Will all my assets have to go through the probate process?

Now that you understand how the probate process works, you may move on to questioning whether every last one of your assets is required to pass through it. Well, it is generally the case that all assets titled solely in your name undergo this process. Common examples include your checking, savings, and investment accounts; your home and other real estate properties; your motor vehicles; and more. This is because, upon your passing, the Register of Wills may have the exclusive authority to take your name of these titles and switch it with your desired beneficiaries’ names.

On the other hand, other types of assets that typically avoid the probate process altogether read as follows:

• Your jointly owned assets: this is because the rights over these assets may be transferred over to the surviving owner immediately.
• Your assets with established beneficiary designations: this is because these assets may be paid to an individual you named a beneficiary directly.
• Your living trust assets: this is because you may have retitled your assets to the name of your trust beforehand.

There may be benefits to avoiding the probate process that you should learn more about. For this, we strongly encourage you to retain the services of one of the skilled Butler County probate attorneys. You may do so by scheduling an initial consultation with Heritage Elder Law & Estate Planning, LLC today.