11:44
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Simple English definitions for legal terms
Probate Assets
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A quick definition of Probate Assets:
Probate assets are things that a person owns by themselves when they die. These things don't have a plan for who gets them after the person dies, so a special court called a probate court decides who gets what. This usually follows what the person wrote in their will.
A more thorough explanation:
Probate Assets
In trusts and estates law, probate assets refer to assets that an individual owns in their sole name at the time of their death. These assets do not have a survivorship feature that will control their disposition at death. Therefore, the disposition of probate assets is determined by the probate court and is usually divided as directed by the decedent’s will.
- A house owned solely by the decedent
- A bank account in the decedent's name only
- A car owned solely by the decedent
These examples illustrate probate assets because they are owned solely by the decedent and do not have a survivorship feature. Therefore, their disposition is determined by the probate court and is usually divided as directed by the decedent’s will.