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What Property is Not Included in the New York Probate Process?

24 September 2011 7 Comments

New York Probate Process

 
Not all property owned by the deceased is subject to probate. Certain types of assets are “non-probate assets” and do not go through probate. These include:

1. Property in which you own title as “joint tenants with right of survivorship.”  Such property passes to the surviving co-owner by operation of law and do not go through probate.

2. Retirement accounts such as IRAs, Keoghs and 401(k) accounts where there are designated beneficiaries.

3. Life insurance policies where there are designated beneficiaries

4. Bank accounts with “pay on death” (POD) designations or “in trust for” designations.

5. Property owned by any trust, including a living trust.  Legal title to such property passes to successor trustees without having to go through probate.

 
More related articles

Larry

Lawrence J. Peck, Esq.
Founder of the Estate Planning New York Group
Manhattan, New York City

P.S. Click here for access to the 26 Most Common Estate Planning Mistakes.

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