When you die, these assets will be paid directly to the person(s) you have named as beneficiary without probate. Some assets-including insurance policies, IRAs, retirement plans and some bank accounts-let you name a beneficiary. This lets you control who receives your share, but the asset will have to go through probate.Ģ. With this kind of joint ownership, if you die first, your share will be distributed as directed in your will (or to your heirs if there is no will) it will not go to the other owner unless your will says so.
So, even if your will says you want someone else to receive your share (like your children from a previous marriage) and you die first, the asset will still go to the surviving owner who can then do whatever he/she wants with it-and your children would likely be disinherited.Īnother kind of joint ownership is tenants-in-common. You should be aware that transfer of this ownership happens immediately upon the first owner’s death. (This kind of joint ownership is “joint ownership (or joint tenants) with right of survivorship.”) But if the surviving owner dies without adding another owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs. Jointly owned assets that transfer to the surviving owner do not go through probate. However, these assets do not always avoid probate.ġ. If yours is the only name on the title and you are deceased, only the probate court can take your name off the title and put someone else’s name on.Īssets that generally do not go through probate are (1) jointly owned assets that transfer to the surviving owner, (2) assets that have a valid beneficiary designation, and (3) assets that are in a trust. These might include bank accounts, investments, home, other real estate, vehicles, etc. The obvious assets that will need to be probated are those with a title that is in your name only. Not everything you own will automatically go through probate.
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