What assets are included in the probate estate?
The most important consideration is to determine how title is held to all assets or property owned in whole or in part by the decedent. Only those assets held solely in an individual s name (that is, not jointly with the right of survivorship) and those not distributed pursuant to a beneficiary designation are subject to probate. Title to any assets held jointly with a survivor (as in the case of most family homes and motor vehicles owned by spouses) passes automatically by operation of law to the survivor. Most family bank accounts are also held jointly by spouses thus it is how the account ownership was designated when the account was opened that determines whether it will be included in the probate estate. This same principle also applies to all IRAs, 401(k) Profit Sharing Plans, etc. where it is the beneficiary designation on file with the plan administrator that controls the distribution of the account balance at the time of the decedent s death. Similarly, in the case of life ins
