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Probate Assets

The assets of a decedent’s estate are categorized as probate or non-probate property. Probate property is property that is solely in the name of the decedent that is to be transferred by the provisions of a will. Non-probate property is property that is either jointly held or passes by the operation of law. For instance, a right of survivorship in a deed, or when an individual is named specifically by the decedent to be the beneficiary of (e.g., an IRA or a life insurance policy), or when property passes according to the terms of a trust created by the decedent before death.