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Knightsbridgesolicitors.co.uk What Types of Assets Are Subject to Probate .pdf


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What Types of
Assets Are Subject
to Probate?
The assets owned by a person that has no way of getting inherited by a living
beneficiary without court supervision are known as the probate assets. The assets
such as bank accounts, some retirement accounts, some forms of real estate

ownership, payable-on-death designations and life insurance proceeds have
named beneficiaries and they do not require probate. Everything else that is
owned by the deceased is included in the probate estate.
The probate estate is subject to the court proceedings so that it can be taken out
of the deceased name and transferred to the name of the rightful beneficiaries
and heirs. To probate assets, it is important to hire wills and probate solicitors
Near Me so that everything can be handled legally.
Here are the types of assets which are subject to probate.

Investment products:
The investment portfolio of a deceased person is subject to probate. The portfolio
can consist of different assets. To payout to the estate, the investment company
will likely require the grant of probate otherwise they will not be able to make the
payment.

Assets held in the deceased sole name:
The thing that is the most common example of the asset held under the deceased
name is the property. If the property is under the sole name then it is important to
get a grant of probate because it will be required to transfer the ownership or sell
it. Some other assets like shares, bank accounts, social accounts and building
society accounts are also included in the assets.

Foreign assets:
The grant of probate is required to deal with the foreign assets of the deceased.
Make sure that take specialist legal advice both at the home country and the
country where the property is held. There are strict and complex legal
requirements that need to be satisfied so that the asset can be properly

transferred or sold and there are no legal repercussions. Proper legal counsel will
help in dealing with tax liabilities in both countries.

Business assets:
If the deceased individual had any business interests then they will likely need
Grant of probate so that their interests are dealt with properly and efficiently.

Life insurance policy:
There are a lot of people that have life insurance after a person dies the insurance
policy is received by the beneficiaries that are mentioned in the policy. If the
beneficiaries are named then you are not going to need the grant of probate. But if
there is conflict regarding the beneficiaries then you are probably going to need
the probate. When a person is not nominated to get benefit from the insurance
then the insurance will become a part of the estate so is going to be subject to
probate.

Predeceased beneficiaries:
All the assets that have beneficiaries and payable-on-death designations can
become part of the estate if the beneficiaries die before the owner and the owner
fails to name new beneficiaries before dying then it will become part of the estate
and will be subject to probate.


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