Probate Non-Probate Assets

Probate and Non-Probate Assets
by: Bonfiglio & Asterita, LLC.
Bonfiglio and Asterita, LLC NY Attorneys at Law
Bonfiglio and Asterita, LLC NJ Attorneys at Law

In general terms, the assets in your estate are divided into two types:

Probate Non-Probate Assets

  1. Probate assets that pass through your estate if they do have not designated beneficiaries.
  2. Non-probate assets that are exempt from the process.

Assets that are not subject to probate include:

  • Joint tenancies (including right of survivorship)
  • Bank and brokerage accounts and securities which have a payable on death (POD) or transfer on death (TOD) designation
  • Assets in Trust (including in a living trust)
  • Life insurance benefits with a designated beneficiary
  • IRAs and Qualified Retirement Plans in which a beneficiary is named

It is important to note that assets controlled by the decedent at death, even if not subject to probate, are still subject to the same estate taxes as probate assets.

 

 

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Bonfiglio Asterita Law is a well diversified law firm that delivers high quality and creative legal representation to a diverse clientele both in New York and New Jersey. Our Law Office focuses on Real Estate Law, Wills, Trusts, Estates, Business Law, Family Law and Lending Services in New Jersey and New York. Our broad range of practice areas provide clients with a one-stop full service source for all of their legal needs. Our practice areas include real estate, including private and commercial purchases and sales, and we provide mortgage loan closing and settlement services to many lenders in mortgage lending transactions throughout New York and New Jersey.

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