Probate is the legal process of administering a deceased person’s estate. Some assets can avoid probate and be distributed directly to the beneficiaries without going through the probate process. These assets include:
- Jointly owned property (with right of survivorship)
- Payable-on-death bank accounts
- Transfer-on-death securities accounts
- Life insurance policies with named beneficiaries
- Retirement accounts (IRAs, 401(k)s) with named beneficiaries
- Trusts
It is important to note that the laws regarding probate and the assets that can avoid it vary by state and country, so it’s always best to consult with a legal or financial professional for specific guidance.
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