Simple English definitions for legal terms
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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.
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.
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.