Probate property

Probate property refers to assets owned solely by a deceased person that require court-supervised transfer, such as individually titled homes or vehicles. Probate property excludes assets with designated beneficiaries, like life insurance policies and retirement accounts.

Life insurance proceeds paid directly to named beneficiaries bypass probate property status. Jointly owned real estate with rights of survivorship does not become probate property in most states, including California and Florida.

Bank accounts without payable-on-death (POD) designations typically qualify as probate property upon the account holder’s death. Probate courts determine the distribution of probate property based on state intestacy laws if no valid will exists; for example, Texas follows its Estates Code for this process.

Insurance companies require legal documentation from executors before releasing claim payments tied to probate property, in a statement issued by https://yourinsurance.info. Only assets classified as probate property are subject to creditor claims during estate settlement, according to the American Bar Association’s 2023 guidelines.