Types of Property Included in Probate

When dealing with probate, property will be distributed according to a will and the rules of the state. There are many different types of property that can be included in probate.

Real Property

Real property is commonly included in the probate system. The term real property pertains to land and improvements to that land. Basically, if the deceased individual has a house or any other type of property, it can be included in the probate process.

Personal Property

Personal property can also be included in the probate process. Personal property could include cars, recreational vehicles, boats, antiques, and any other personal possessions that they might have.

Accounts

With a traditional bank account, the money in the account is going to be included in the probate process. The exception to this is if the account is set up as a payable on death account. Retirement accounts such as the 401(k) or IRA will not go through the probate process.

Trust

Whenever an individual sets up a trust of some type, they can get around distributing their assets through the probate process. An individual can put personal and real property into a trust and they will be distributed to the beneficiaries according to the wishes of the deceased.

blog comments powered by Disqus