Besides the property, my mother has left around 300 grand as life insurance proceeds and 100 grand in her savings account. Which of these will be considered as probate assets?

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The answer by Travis is only partially right.

Life insurance proceed will only be considered non-probate if the policy has a named beneficiary. In that case, the beneficiary will receive the proceeds from the policy. If the estate is the beneficiary or if no one has been designated as beneficiary, then it’ll have to undergo probate.

 

Similarly, the amount in the savings account will be considered non-probate if it has a beneficiary or payable on death (POD) designation. If it’s a joint account with the rights of survivorship, then the other accountholder will be entitled to the amount. If none of the conditions are applicable, then only will the amount be regarded as probate asset.

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The life insurance proceeds will be able to bypass probate while the amount in the savings account will be considered a probate asset.


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