Not all assets have to go through probate in order to be settled. Some assets may be transferred to heirs without utilizing the probate system. Some of the most common types of assets are;

• Beneficiary Designations: Certain brokerage, retirement or bank accounts, and life insurance, which are either transferable or can be paid are directly transferred to beneficiaries.
• Joint Tenancy: Under “rights of survivorship,” the surviving tenant becomes the sole owner automatically after the co-owner passes away.
• Assets in a Living Trust: Assets in a living trust are not held in the name of the person, but in the name of the trust. Accordingly, since the probate judge only has the power to transfer assets solely owned by the decedent, assets in the trust do not become part of the probate estate. The Trust assets will be distributed as instructed by the decedent via the terms of the trust.