What are probate assets?


Quick Answer

Probate assets refer to three specific types of assets listed in a person's will that are owned by the individual's estate upon his death. These include individual assets, tenants in common property and beneficiary assets with a predeceased person or no beneficiary.

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Full Answer

Individual assets include anything the deceased person owned that is listed solely in his name, such as a bank account, real estate or cars. Tenant in common properties are those that the deceased owned jointly with one or more people, where each owned a certain percentage, such as a business. Beneficiary assets include payable-on-death assets such as life insurance policies. They are considered probate assets if the listed beneficiary has also died, or there is no beneficiary assigned.

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