Probate is a legal process that involves the distribution of a deceased person's assets to their heirs and beneficiaries. However, not all assets are subject to probate. In this blog post, our Metro West Boston probate attorneys will discuss which assets are subject to probate and which ones are not. Understanding this can help you plan your estate and ensure that your assets are distributed according to your wishes.
Real Estate
Real estate is one of the most common assets that are subject to probate. If you own a house, apartment, or any other type of real estate, it will go through the probate process unless you have taken steps to avoid it. You can avoid probate by having a living trust or joint ownership of the property.
Bank Accounts
Bank accounts are also subject to probate unless you have named a beneficiary or set up a payable-on-death (POD) account. If you have a POD account, the funds will go directly to the beneficiary without going through probate. Naming a beneficiary on your bank accounts can also help avoid probate.
Investment Accounts
Investment accounts such as stocks, bonds, and mutual funds are subject to probate unless you have named a beneficiary or set up a transfer-on-death (TOD) account. TOD accounts work similarly to POD accounts and allow the assets to bypass probate and go directly to the beneficiary.
Life Insurance Policies
Life insurance policies are not subject to probate as long as you have named a beneficiary. The proceeds of the policy will go directly to the beneficiary without going through probate.
Retirement Accounts
Retirement accounts such as 401(k)s, IRAs, and pension plans are not subject to probate as long as you have named a beneficiary. The assets will go directly to the beneficiary without going through probate.
Contact Our Probate Lawyers in Metro West Boston
In conclusion, not all assets are subject to probate. Understanding which assets are subject to probate can help you plan your estate and ensure that your assets are distributed according to your wishes. At Marsden Law P.C., we can help you plan your estate and avoid probate. Contact us today to schedule a consultation.
If you have questions about navigating the probate process, then give us a call today at (800) 828-7854 to speak with a Metro West Boston probate lawyer at Marsden Law P.C. about your situation.