Assets Subject To Probate Law
The Executor of an estate obtains a Grant of Probate when the individual that he represents dies. The Grant gives the Executor the right to distribute the deceased person’s property to the heirs and beneficiaries mentioned in the will. The distribution will be according to state law if there is no will.
Interestingly, some things are probate items while others are not. Here are probate assets. If you’re unsure about probate law, consider hiring an expert that understands the topic.
- Assets in the Deceased Person’s Name
People often buy assets in their name only including real estate property, bonds, and shares.
Others have a bank or building society account in their name. Selling or transferring these assets when the owner of these assets or accounts dies is impossible without a Grant of Probate.
- Life Insurance Policies
These covers have considerable payouts to the beneficiaries mentioned in them. A Grant of Probate is unnecessary if the deceased person listed who these beneficiaries were. However, this Grant is necessary if the individual who passed away did so without mentioning a beneficiary of his policies.
- Assets Held Abroad
Usually, a Grant of Probate is critical when it comes to claiming assets left abroad by a deceased person. Seeking legal advice in such cases is an excellent idea because you will be dealing with two sets of laws. You also have to contend with two tax regimes.
- Investment Products
Many people invest their money in various institutions throughout their lives. These institutions require copies of a Grant of Probate before they pay out any cash to the Estate of a deceased investor. Consequently, investment products are probate assets as well.
Now you know what assets are subject to probate. Another one is business interests. For example, what would happen if the deceased person owned a family business? Dealing with this interest legally without securing a Grant of Probate is impossible. Do you want to know more about probate? Then click on this link https://www.legalzoom.com/articles/what-is-probate.