Not all assets are required to go through probate. Determining which assets are probate assets and which assets are non-probate assets is one of the first steps when probating an estate because non-probate assets bypass the probate process and may be distributed to the intended beneficiary immediately. Common examples of non-probate assets include:
Assets held in a trust.
Proceeds of a life insurance policy.
Certain types of jointly help property.
Assets held in an account with a “payable on death (POD)” or a “transfer on death (TOD)” designation.
Certain retirement and pension accounts.