Tag: beneficiary designations

What is Probate Property and Why Do I Need it for My Will to Operate?

Probate property is property that does not have a mechanism to transfer ownership at death.  Examples of mechanisms to transfer ownership at death are beneficiary designations or a transfer on death designation affidavit. 

Examples of probate property are bank accounts without beneficiary designations, automobiles titled in one person’s name, houses titled in one person’s name and without a transfer on death designation affidavit, household items, family heirlooms, etc.

A Will only dictates the transfer of probate property.  A Will has no bearing on non-probate property.

For example:… Read the rest