What property is subject to probate?
The probate estate includes all property owned by the deceased in his or her own name at the time of death. Life insurance, annuities, IRAs, some other retirement benefits, and property owned jointly or in trust by the deceased is not part of the probate estate. Jointly owned bank accounts pass automatically to the surviving joint owners upon the death of one owner without going through probate. Non-probate property may still be part of the deceased person’s taxable estate.
The probate estate includes all property owned by the deceased at the time of death. Life insurance and property owned jointly or in trust by the deceased is not part of the probate estate. Jointly owned bank accounts pass automatically to the surviving joint owners upon the death of one owner without going through probate. Non-probate property is still part of the deceased persons taxable estate.
