When a person passes away, their assets are categorized as probate and/or non-probate for estate administration purposes.
Probate Assets
Probate assets are assets that the decedent owned in his or her name alone without a beneficiary designation. Examples of probate assets are a home that is in the decedent’s name only or a bank account in the decedent’s name alone without an “in trust for” or “payable on death” designation associated with the account.
Non-Probate Assets
Conversely, examples of non-probate assets include a joint bank account, an investment account with a beneficiary designation, or a home owned by husband and wife or by two or more individuals as “joint tenants with rights of survivorship.”