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

Probate law in Washington refers to the laws that govern the distribution of a deceased person’s assets. Probated assets are assets that are subject to the laws of probate. This means that the assets must be distributed according to the terms of the will of the deceased or according to state law if there is no will. Non-probated assets are assets that are not subject to the probate process. These assets are generally not subject to state law and are distributed according to the terms of a contract or agreement between the deceased and the beneficiary. Examples of non-probated assets include life insurance policies, retirement accounts, and bank accounts with “payable on death” designations. The main difference between probated and non-probated assets is that the distribution of probated assets is usually first determined by the court and then distributed according to the will or the state’s laws. In contrast, the distribution of non-probated assets is generally determined by the deceased individual’s wishes and is distributed according to the terms of the contract or agreement between the deceased and the beneficiary.

Related FAQs

What kind of documents is needed to prove will validity?
What is a living will?
Are there any special rules for estate taxes?
Are there any costs involved in probate?
What is the difference between probated and non-probated assets?
What happens if there is no will?
What is a probate estate?
What is a guardianship?
Who is responsible for administering an estate?
What happens if an executor fails to distribute assets?

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

Related FAQs

Related Blog Posts