What are Examples of Non-Probatable Assets?

Virginia considers certain assets 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.