What Assets Are Subject To Probate?

The Mechanics Of Probate

Assets that go through probate typically include real estate without a right of survivorship, motor vehicles, boats, and other titled property. Bank accounts can also be part of probate if there’s no named beneficiary. So, for example, if you had a bank account that wasn’t held jointly or didn’t have a payable on death designation, you’d need letters of administration to access the account.

When it comes to real estate, if the property wasn’t jointly owned by someone who automatically inherits it, it’ll need to go through probate. Similarly, motor vehicles, boats, and other titled property that were solely owned by the decedent fall into probate.

Then, there are other assets like stocks, bonds, and business interests. If the decedent had shares in a business or was involved in other types of ventures, those would also be handled through probate. Personal property, such as furniture, jewelry, art collections, or even things like toy or gun collections, can be included as well—basically, anything valuable or considered part of the estate.

There are also situations where the estate itself might be named as a beneficiary, such as in the case of timeshares or other similar interests. On the other hand, life insurance policies generally don’t go through probate, as they usually have designated beneficiaries and act like a separate will in themselves.

To put it simply, most solely owned assets and anything without a designated beneficiary or joint owner typically need to go through the probate process in Texas.

In essence, there aren’t really any assets that are intrinsically protected from probate. Any assets not mentioned in a will typically still need to be distributed in some way. When people say protected from probate, they’re often referring to tools like trusts. While trusts aren’t technically part of the probate process, they are a method to avoid it. You can set up a trust before passing and ensure certain assets bypass probate.

Planning Your Estate To Minimize Exposure To Probate

One way to minimize the chances of getting caught in the probate web is through leveraging a living trust. Placing assets in a living trust enables them to bypass probate upon your death. Another approach is to sell certain assets before you pass. For example, if property or vehicles are named in your will but have been sold before your death, they are no longer part of your estate and won’t go through probate. A will only become relevant upon death, meaning you’re free to sell or transfer assets during your lifetime. This flexibility gives you the option to manage and reduce what might go through probate.

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For more information on What Assets Are Subject To Probate, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (979) 300-6771 today.