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Does All Property Have To Go Through Probate? Real and personal property owned as a joint tenants passes to the surviving co-owners without going through probate. Other types of benefits, such as life insurance or annuities payable directly to a named beneficiary bypass probate. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically, outside probate, to the persons named as beneficiaries. Bank accounts that are set up as payable-on-death account (POD for short) or an "in trust for" account with a named beneficiary also pass to that beneficiary without probate.If a Living Trust holds legal title to property, that also passes to the beneficiaries without probate. (The Trust is a legal entity which survives you after your death.) If you or a loved one is in need of legal assistance, call The Law Office of John L. Lowery at 615-297-9191 or toll free 615-297-9802 or submit an online questionnaire. The initial consultation is free of charge, and if we agree to handle your case, we will work on a contingency fee basis, which means we get paid for our services only if there is a monetary recovery of funds. In many cases, a lawsuit must be filed before an applicable expiration date, known as a statute of limitations. Please call right away to ensure that you do not waive your right to possible compensation. |
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