Wills & Non-Probate Property

Not all property will be distributed according to your Will. Only probate property is distributed according to the Will.

Common Examples of Non-Probate Property

• Assets owned jointly with another individual, with survivorship rights

• Accounts (e.g., retirement, checking, savings) with a designated pay-on-death designation or transfer-on-death beneficiary

• Life insurance policies with a designated beneficiary

• Any property held in a trust

• Real property subject to a transfer on death beneficiary designation

Distribution of Non-Probate Property

Non-probate property is typically distributed either by operation of law or as a result of contract rights. Even if most of your assets are non-probate property, it is still important to have a Will. There are some instances where non-probate property may pass according to the terms of your Will. This may happen if a beneficiary form is incomplete or if all of the designated beneficiaries have died prior to you.