What is the difference between probated and non-probated assets?

Probate law, in the state of Texas, deals with the management of legal and financial matters after a person has passed away. Probated and non-probated assets are two types of assets that are often mentioned in this context. Probated assets are those that are subject to the Texas probate process. This means that someone, usually a court-appointed legal representative, must take charge of the assets to make sure that they are distributed to the correct people as per the wishes of the deceased. This process can take some time and be a costly endeavor. Non-probated assets, on the other hand, are not subject to the Texas probate process. These assets are usually distributed directly to the parties as listed in the deed or will of the deceased. Examples of non-probated assets in Texas include joint property, trust property, and any assets with transfer-on-death provisions. In short, the difference between probated and non-probated assets is that probated assets must go through the Texas probate process, while non-probated assets can be distributed to the rightful owners without the need for a probate court. This can be a more efficient process since it is less costly and can be concluded in a timely fashion.

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What is the difference between probated and non-probated assets?

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