What Assets Go Through Probate?

Probate | SK Walker Law | Marion IL

Introduction

Not all assets are subject to probate. Understanding which assets go through probate can help you manage a loved one’s estate more effectively. In this post, we will explore the types of assets that typically go through probate and how SK Walker Law can assist you in Southern Illinois.

Assets Subject to Probate

Assets that typically go through probate include:

1. Solely Owned Property: Real estate, bank accounts, and personal property owned solely by the deceased.

2. No Beneficiary Designations: Assets without designated beneficiaries, such as certain investment accounts.

3. Business Interests: Ownership interests in businesses that are not transferred through other means.

4. Intellectual Property: Copyrights, patents, and trademarks owned by the deceased.

Assets That Bypass Probate

Certain assets can bypass probate, including:

1. Jointly Owned Property: Assets owned jointly with rights of survivorship pass directly to the surviving owner.

2. Trusts: Assets held in a trust are distributed according to the trust’s terms without probate.

3. Beneficiary Designations: Life insurance policies, retirement accounts, and payable-on-death

4. Transfer-on-Death (TOD) Deeds: Real estate with a TOD deed transfers directly to the named beneficiary without probate.

Why Knowing This Matters

Understanding which assets go through probate can help you plan more effectively and potentially avoid the probate process for certain assets. Proper estate planning can ensure a smoother transition for your loved ones.

Why Choose SK Walker Law?

At SK Walker Law, we specialize in estate planning and probate matters. Our team, led by Scott Walker, provides personalized legal advice to help you manage your estate efficiently. We serve clients in Southern Illinois, offering compassionate and knowledgeable support.

Conclusion

Knowing which assets go through probate is essential for effective estate planning. If you are in Southern Illinois and need assistance, contact SK Walker Law. We are here to help you navigate the complexities of probate and ensure your loved one’s wishes are honored.