Probate vs. Non-Probate Assets: What Catalina Foothills Residents Need to Know
When it comes to estate planning, understanding the difference between probate and non-probate assets is crucial. Probate assets are those that are included in a deceased person’s estate and must go through the court-supervised process of probate before being distributed to beneficiaries. Non-probate assets, on the other hand, are assets that pass directly to beneficiaries without the need for probate.
In Catalina Foothills, AZ, residents should be aware of how their assets will be treated upon their passing. Probate assets typically include real estate owned solely in the deceased person’s name, bank accounts with no designated beneficiaries, and personal property without designated beneficiaries. Non-probate assets may include assets held in a trust, life insurance policies with designated beneficiaries, and retirement accounts with designated beneficiaries.
Understanding the distinction between probate and non-probate assets can help Catalina Foothills residents better plan for the distribution of their assets after their passing. By working with a knowledgeable real estate agent like myself, residents can ensure that their assets are properly handled according to their wishes.
If you are a Catalina Foothills resident looking to plan your estate or if you have recently lost a loved one and need assistance with probate assets, please don’t hesitate to contact me. I am here to help guide you through the process and provide support every step of the way.
Contact me today to discuss your estate planning needs and ensure that your assets are handled with care and expertise. Let’s work together to secure your legacy for future generations in Catalina Foothills, AZ.