When you pass away, some assets will remain in your probate estate. This means that once someone submits your will to the probate court, this opens the formal process of identifying and then distributing all your assets either in accordance with your will or state laws. However, not every asset you own automatically ends up inside your probate estate.
Certain assets in your California estate may be classified as non-probate. In some cases probate may be required. You can discuss with a Pasadena estate planning lawyer your options for creating a probate avoidance plan. Here is an overview of probate versus non probate assets in California:
- Trust assets: probate not required – these assets held in a trust are distributed according to the terms of the trust outside of probate.
- Joint tenancy assets: no probate required as these directly passed to the surviving owner.
- Real estate: in most cases probate is required – property that is owned solely or as tenants in common will usually go through probate.
- Life insurance: no probate required since the proceeds go directly to named beneficiaries.
- Retirement accounts: No probate required when a beneficiary has been designated.
- Personal belongings: personal items may require probate unless other plans have been specifically outlined in a will.
Working with a Pasadena estate planning law firm helps you to discuss all of the important assets inside your estate and the most appropriate avenues for passing these on to your intended beneficiaries. Contact a Pasadena estate lawyer today for more information.
