What is a probate asset?
Real or personal property owned in the decedent’s name alone. What is a non-probate asset? Real or personal property owned by the decedent with a beneficiary designation or held in joint tenancy. joint tenancy property – non –probatepayable on death “POD”– non-probatetransfer on death “TOD” – non-probatein trust for – non-probatenamed beneficiary – non-probate If I am named in decedent’s will as personal representative, do I have the authority to act as personal representative? No. The decedent has merely nominated a personal representative. The court has to probate the will; and the nominated personal representative, or an alternate needs to qualify for appointment before the party can say they are personal representative of decedent’s estate. What are “Letters”? Letters meaning either – Letters of General Administration or Letters Testamentary are the evidence the personal representative gives to decedent’s asset holders and creditors to show that the personal representative has the
