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

Probate law in Virginia relates to the passing of assets and property from a deceased person to their designated heirs or beneficiaries. Probated assets are those that are subject to the probate process. This means that the court will formally recognize the validity of a will, if there is one, and ensure that the assets are legally distributed according to its terms. Non-probated assets are those that are not subject to the probate process. These typically include assets that are transferred to a designated beneficiary due to a contract, such as life insurance policies, or that are jointly owned, such as a joint bank account. Additionally, assets held in a trust are also not subject to probate. In all cases, these assets are automatically provided to the designated beneficiary outside of court approval. In summary, the difference between probated and non-probated assets is that probated assets are subject to the probate process and court approval while non-probated assets are transferred directly to the beneficiary without court approval.

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

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