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

The difference between intestate and non-probate assets is important to understand in understanding how intestate succession law works in New York. Intestate assets are assets that are passed down to your beneficiaries when you die without a will. These assets would be distributed according to the laws of intestate succession, meaning that the state would decide who gets what. Non-probate assets, on the other hand, are assets that are passed down to your beneficiaries without having to go through the probate process. These assets include life insurance policies, retirement accounts, and joint tenancy with right of survivorship. These assets have traditionally been given directly to the designated beneficiary upon the death of the policyholder, and thus do not require the probate process. In New York, these non-probate assets are not subject to the laws of intestate succession. This means that these assets will be distributed as directed in the policy or other agreement, and not as determined by the laws of intestate succession. Therefore, it is important to understand the differences between intestate and non-probate assets in order to make sure your assets are distributed according to your wishes upon your death.

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

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