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What does “probate assets” mean?

On Behalf of | May 22, 2019 | Probate | 0 comments

When it comes to your estate, you need to be aware of what exactly will happen after your death. You may not be aware that some assets are not handled the same way as others in Florida. This is why you need to be aware of the different asset types and what happens to them after you die.

 According to The Florida Bar, one type of asset is a probate asset. This type of asset must go through the probate process to get to the rightful owner. Other assets that are not probate assets are those that automatically transfer to another person upon your death. These are assets that you do not own individually or co-own but without a provision for what happens in the event of an owner’s death. Accounts that are payable upon death to your estate are a probate asset, but accounts payable to a beneficiary are not.

 The probate process enables the court to assure your wishes in regard to ownership happen. The court oversees the disbursement of your probate assets. It also identifies them in the first place.

 In some cases, you may not have any probate assets. A great example is if you have a spouse. Under the law, when you die, your assets automatically transfer to your spouse’s ownership. The court does not have to do anything because the law already makes the decision. Do note that just because you have a will, it does not mean you have no probate assets. A will expresses your wishes, but the court must still ensure the assets get to the right owner. This information is for education and is not legal advice.