Assets which are required to go through Probate in order to be distributed to Heirs and Beneficiaries.
These types of Assets are only held in the deceased's name, with no designated Beneficiary, and not automatically transferred after a death.
Typically, they are personal property that do not have Title documents; examples include but are not limited to:
- Real estate held solely in deceased's name
- Personal property (furniture, jewelry, clothing, appliances, etc)
- Bank accounts held solely in the deceased's name
- Interest in an LLC, corporation or partnership