Not all assets have to go through the probate process. Some transfer automatically upon the death of the owner. Examples include:
- Property held in joint tenancy: When a property is held in joint tenancy, such as a home belonging to a husband and wife, when one joint tenant dies, the surviving joint tenant becomes the sole owner of the asset. This is known as the right of survivorship.
- Tenancy by the entirety or community property with right of survivorship: These forms of ownership, only available to married couples, function in the same way as joint tenancy. The survivor automatically takes ownership of the entire property upon the death of the other tenant.
- Beneficiary designations: Life insurance policies and retirement accounts have named beneficiaries. When the policyholder or account owner dies, the beneficiaries are entitled to the proceeds of the life insurance policy or the assets in the retirement account. There is no need to go through probate.