HOW DOES PROBATE HANDLE JOINTLY HELD PROPERTY, IRAs OR INSURANCE PROCEEDS?
Jointly held property as a general rule are non-probate assets that are passed to the surviving joint owner or the beneficiary under the insurance policy or IRA. Sometimes bank accounts or similar assets have been placed in the name of another person along with the decedent although it may have not been intended by the decedent for the survivor to have the sole benefit of the account. This can pose a difficult issue and if the account is substantial, the other heirs may be well advised to consult with a probate attorney.
