Understanding Probate Assets: What Goes Through Probate? | Estate Planning Guide

Understanding probate assets is crucial for effective estate planning. Probate assets typically include property solely owned by the deceased, personal belongings, assets held as tenants in common, and accounts where the beneficiaries predeceased the owner. Probate is the legal process where these assets are distributed according to the will or state law if there's no will.

Avoiding probate can save time and costs. Strategies include setting up trusts, designating beneficiaries on accounts, and joint ownership of property. Trusts are particularly useful as they bypass probate entirely, transferring assets directly to beneficiaries.

In today's digital age, managing digital assets is increasingly important. Digital legacy services, such as those offered by WillBox, help manage and secure digital footprints, including social media accounts, online banking, and other digital properties. These services ensure that digital assets are properly handled and passed on according to one's wishes, reducing the risk of identity theft and ensuring that online presences are responsibly managed after death.

For a comprehensive understanding of probate assets and how to effectively manage and protect both physical and digital estates, you can read more at Understanding Probate Assets.