Setting up a will to have your or your loved one’s estate distributed to your heirs is the best way to ensure that possessions are left to the people that you or your loved one wants to have them. Just what constitutes an estate, and when will an estate need to be probated in order to be distributed?

What is a Probate Estate?

There are many different types of estates. Taxable, non-taxable, trust and probate are just different categories that an estate can fall into. A probate estate is one that is made of your or your loved one’s assets that are subject to a probate administration. Put in simple terms, it is just a process to ensure that the will that is provided upon your or your loved one’s death is a genuine document and contains the wishes of the person owning the assets.

Assets in a Probate Estate

There are very specific types of assets that fall into a probate estate. They are:

  • Anything that is in the individual’s name and only their name
  • Anything that can be considered owned as a “tenant in common”
  • Anything that is payable to the estate of a beneficiary
  • Items owned by the individual that are paid off after death
  • Household items and other personal property of value

Probating a will can be a long and expensive process. If you find that you need legal advice about a probate estate, or assistance probating the estate of a loved one, contact the experts at Stano Law group.