Assets owned by the decedent can be characterized as either “probate” assets or “non-probate” assets. Generally speaking, probate assets are those assets owned individually by the decedent and titled to the decedent alone, and assets specifically designating the estate as beneficiary.
Probate assets become part of the decedent’s estate and are distributed by the executor to the beneficiaries named in the Will, or by the administrator to the decedent’s heirs at law.
Non-probate assets include certain assets that pass by operation of law immediately upon the decedent’s death, such as assets held jointly between the decedent and another individual with right of survivorship and Totten Trust accounts held in trust by the decedent for a named beneficiary. Other non-probate assets include those that pass to a named beneficiary other than the estate, such as life insurance policies, retirement benefits and United States Savings Bonds payable upon death. An executor or administrator has no control over the non-probate assets.