Assets

THINGS YOU OWN

Assets are things that are of value to you, and you own them.  The items may or may not be paid off in full; and you may still be making payments on them.  Regardless of the items’ debt status, the items are in your name or possession, and you claim ownership of those items.

Since you have acquired your assets, do not leave it to the Probate Court to decide what should happen to your items when you die, or should you become incapacitated.  Put your documents in place now, so that you have them when you need them.

What Types of Assets Go Through Probate

Assets, that are in the name of the deceased person only, and the deceased person has not designated a “pay on death” beneficiary, will go through probate.  This can include bank accounts, investments, IRA, 401K, investments, pensions, vehicles, a home and any other real estate.

So, if the deceased person’s name is the only name on the title, you must go through probate to remove the deceased person’s name to another name; in other words, you go through probate to transfer title and/or to distribute assets.

What You Can Also Do NOW – Pay on Death Beneficiary

Today, you can check your accounts to make sure you have named a “Pay on Death” beneficiary.  If you have not specified anyone or need to changed it, do that now.  Check your accounts for:

1. Bank Accounts – checking, savings, certificate of deposit, etc.
2. IRAs
3. 401K
4. Pension Plans
5. Insurance Policies

What Assets Do NOT Go Through Probate

Property that is held jointly; and property that has named a pay on death beneficiary do not go through probate.  Instead, these items by pass probate, and title automatically transfers to the named person(s).  In the case of bank accounts, the pay on death beneficiary can take the death certificate along with proper identification to the bank, to get access to the funds in all bank accounts left to them.

Probating Assets for Incapacitated Person

If a conservatorship is granted for  an incapacitated person, the conservator tracks down and takes charge of all of the incapacitated person’s assets, including bank accounts, house, vehicle, 401K, pension, investments, etc.  The incapacitated person loses all control of their assets.

The conservator, which may be a family member or a stranger (remember court can and do appoint an outside third party as conservator), decides what happens to all assets, AND conservator decides how much of your assets you will receive for your care and support.

STOP, THINK ABOUT THAT, someone else deciding how much of your own money to give to you for your care and support.  ALL WHILE THE CONSERVATOR takes big dollars for themselves, as their fee for giving you your own money.

Jackals | Decisions