What assets pass by probate?
Not all of the assets of the deceased person go through the probate process. The ownership to some assets passes by contract rather than through the probate court. Some of the most common non probate assets are insurance policies, annuities, pension plans, and 401k type retirement accounts. The ownership of these assets passes to the beneficiary designated by the deceased in the applicable insurance or securities contract. Also, certain bank accounts are set up in forms that pass outside of probate, such as pay on death accounts and joint tenant with right of survivorship accounts. Probate Code ยง 436 et. seq.
