What are Examples of Non-Probatable Assets?
August 2, 2024 – Matthew S. Akers & Douglas McCarthy
In Virginia, certain assets are considered non-probatable, including:
- Jointly Owned Property: Assets held in joint tenancy with rights of survivorship or as tenants by the entirety automatically pass to the surviving owner(s) outside of probate.
- Assets with Designated Beneficiaries: Assets such as life insurance policies, retirement accounts (e.g., IRAs, 401(k)s), and payable-on-death bank accounts that have named beneficiaries pass directly to the designated beneficiaries.
- Assets in Trusts: Assets held in living trusts or revocable trusts are distributed according to the terms of each document.
- Property Passing by Operation of Law: Certain assets like vehicles or real estate held by joint tenants pass automatically to the surviving co-owner.
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