What Are Non-Probate Assets?

When preparing your estate plan, keep in mind that some of your assets may not need to go through probate.  Probate is the process by which legal title to property is transferred from the deceased person’s estate to his/her beneficiaries.  Non-probate assets do not go through this process. So, what are non-probate assets?  Non probate assets include:

*Assets you own jointly with your spouse or others with rights of survivorship;

*Assets you own jointly with your spouse as tenants by the entirety;

*Assets owned by your Revocable Living Trust;

*Assets in which you retain a life estate and the remainder passes to a non-charitable beneficiary other than yourself; and

*Assets owned by you and payable to a designated beneficiary who survives you, including:

  • Payable on death (“POD”) accounts,
  • Transfer on death (“TOD”) accounts,
  • In trust for (“ITF”) accounts,
  • Totten trusts,
  • Life insurance policies,
  • Retirement accounts, including TSPs, IRAs, 401(k)s and annuities, and
  • Health or medical savings accounts.

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Kinsey Law Group, P.C. was formed to focus on the needs of families.  We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy.  If you have questions or concerns, you’re invited to call 301-968-1630 or send an e-mail any time, without cost or obligation.

Locations: Montgomery County (Bethesda, Maryland); Prince George’s County (Largo, Maryland) and Washington, D.C.

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