What is the difference between intestate and non-probate assets?

Intestate succession law is the law governing how a person’s assets will be distributed after they pass away if they have not specified their wishes in a last will and testament. In Colorado, there is a difference between intestate and non-probate assets in regards to how they are distributed. Intestate assets are assets that are governed by intestate succession law because they have not been assigned by a will. Assets such as real estate, bank accounts, life insurance policies, and other investments may be classified as intestate assets. These assets will be distributed according to the laws of Colorado, with the primary beneficiary typically being the surviving spouse, and then the children in decreasing order of age and then the other relatives in further decreasing order. Non-probate assets are not governed by intestate succession law, which means they do not pass through probate. Examples of non-probate assets include financial accounts that have been assigned a “Pay on Death” or “Transfer on Death” designation, as well as certain types of trusts and property held jointly between two or more people. Non-probate assets will not go through probate court and are instead distributed according to the provisions of the “Pay on Death” or “Transfer on Death” designation, the trust agreement, or the joint ownership agreement. In conclusion, there is a difference between intestate and non-probate assets in Colorado, in that intestate assets go through probate court and are governed by intestate succession law, and non-probate assets do not go through probate court and are instead distributed according to specific provisions.

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What is the difference between intestate and non-probate assets?

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