What property is subject to probate?

In California, property that is subject to probate is divided into two categories: probate assets and non-probate assets. Probate assets include any asset owned solely in the name of the deceased person, such as their home, vehicles, jewelry, bank accounts, stocks, bonds, and other personal possessions. In addition, any asset owned jointly with another person, but which still passes to the deceased person upon their death, is also considered a probate asset. Non-probate assets, on the other hand, are those assets which are not subject to the probate process. This includes assets which are held jointly, such as bank accounts and retirement accounts, as well as assets that are held in a trust or are designated as a beneficiary. Ultimately, the property subject to probate is determined by both the type and value of the assets owned by the deceased person. Certain assets, such as a bank account or stocks, may need to go through the probate process even if they are worth less than a certain amount. The value of the assets owned by a deceased person can also influence the amount of time and expense required to complete the probate process. In California, anyone who has a financial interest in the assets of the deceased person must be notified about the probate process. This includes all heirs, beneficiaries, and creditors. The executor of the estate must then collect, protect, and distribute the assets according to the deceased person’s will or, if they had no will, according to state statute.

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What property is subject to probate?

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