Are There Any Assets That Are Not Required to Pass Through Probate?
Yes, several categories of assets avoid probate:
Assets with Beneficiary Designations
Assets with beneficiary designation forms don't require probate:
- Retirement accounts (IRAs, 401(k)s)
- Life insurance policies
Jointly Owned Assets
Assets owned jointly with at least one other person avoid probate. However, whether it's advisable to add another person as co-owner is something an attorney should properly advise you on.
Professional Guidance
These probate-avoidance strategies have benefits and potential drawbacks that should be evaluated with professional legal counsel. Consider living trust advantages as a comprehensive probate avoidance strategy.