Probate Assets vs. Non-Probate Assets: What You Need to Know
Experienced Probate Lawyer in Bossier City Offers Helpful Tips
The goal of a will is to ensure your final wishes are outlined the way you want them carried out. Having a will makes the most sense, even if you don’t believe you have much to leave. Having a will prevents many arguments between family members and it can help aid families in their grieving process. They can deal with emotions instead of making decisions when they should be grieving.
Key components of a person’s belongings include personal real estate, cars, retirement accounts, and bank accounts. People often believe that the benefits of a life insurance policy belong to the estate. That isn’t necessarily the case. What determines whether an asset belongs in an estate or is paid directly to an individual is if it’s a non-probate or probate asset. Your experienced Bossier City probate lawyer can help you ascertain which is which.
What Is the Difference Between Probate and Non-Probate Assets?
When you meet with your probate attorney in Bossier City, you’ll want discuss all your assets, not just your home. For example, if you have a life insurance policy or 401k retirement account, you want to account for that. Here is a general breakdown of the two types of assets:
- Probate Assets: These are the different assets that would typically pass through a will. These are generally real estate, bank accounts, certificates of deposit, stocks, bonds, and mutual funds. Other probate assets may include cars, personal property, and any other property you control but is not payable to another person via a separate contract.
- Non-Probate Assets: Accounts that you control and can be passed to another person upon your death via the terms of a contract don’t have to pass through a will. Think about when you set up your retirement account. One aspect of the account set-up required you to list beneficiaries. By doing this, you bypass your will and your beneficiary will receive direct compensation. Here is a list of the most common non-probate assets you might have – life insurance properties, tax-deferred annuities, IRAs, profit-sharing plans, thrift plans, and ESOP plans.
- Other Considerations: Circumstances change over time. You may have divorced and remarried, or you want to leave things to your minor children. When you talk with your probate lawyer, there will be some questions you need to answer, including:
- Have any beneficiaries died?
- Have you remarried?
- Who are your contingent or successor beneficiaries?
- Is the beneficiary a minor?
Choose a Knowledgeable Probate Lawyer in Bossier City
Louisiana probate and succession laws can be confusing. Avoid negating your intent by working with a knowledgeable probate lawyer like David L. White. He and his team will help you navigate the laws and offer you options to ensure your final wishes are noted. Please don’t wait until it is too late to plan your estate. Call us today!
Contact your knowledgeable and experienced probate lawyers in Bossier City, Louisiana, to set up your initial consultation. Give us a call at 318-747-7023.
