What assets are subject to probate?
All assets are subject to probate unless they name a designated beneficiary (such as POD or TOD accounts), are jointly owned with rights of survivorship or are titled in a trust. Assets that pas outside of probate are not controlled by a will or Florida’s intestate statutes.
Assets with designated beneficiaries will pass directly to the beneficiary without the necessity of probate. These kinds of assets may include:
- Life insurance
- Retirement accounts
- Bank accounts designated as “transfer on death”, “pay on death” or “in trust for”
Any property owned jointly will pass to the surviving joint owner without probate. This may include property owned jointly as:
- “Tenants by entirety” with a spouse
- “Joint tenants with rights of survivorship” with a spouse or non-spouse
Property titled in a revocable trust will not pass through probate but instead will pass according to the terms of the revocable trust.