What Is Probate Property?
The probate process can seem nebulous and difficult to some. This is likely due in part to the complexity of some probates, and the considerable length of time it can take to settle the estate. Not the least of issues laypersons may be confused about is understanding just what probate property is. Generally it is important to have a Bryan probate lawyer in your corner if you are involved in the probating of an estate.
What Probate Property Is Not
Determining just which assets belong to the estate and should be regarded as probate property is not always an easy task. Indeed, one of the functions of probate is to make this determination. There are certain assets that definitely are not to be included in the property to be probated, however. To wit, any assets held in trust are not subject to the court. Also, some assets that are mentioned in the will may not be probate property. These would include property to which another individual or entity holds title.
Assets That Comprise the Probate Property of an Estate
Your Bryan probate lawyer will assist you in the probate process, and fight for your rights if some question arises regarding the inclusion of, or ownership of, an asset. Probate property can be divided into two categories: real property and personal property.
Real property includes landed property such as condominiums, houses, and apartment buildings. Other examples of real property are commercial buildings, shopping centers, and vacant land. Perhaps the biggest challenge with real property is determining who holds title. In many cases the real estate is not owned by the estate outright. A mortgage may exist, or the property may be co-owned.
Most of the assets that are probated fall into the category of personal property. The most significant challenge with these assets is ascertaining whether they were, indeed, owned by the decedent. These assets often lack title, which makes the matter of making this determination more difficult. Personal property includes:
• Bank accounts • Stocks • Mutual funds • Insurance policies • Furniture • Art work • Household belongings • 401 Ks • Jewelry • Automobiles
If You Need Assistance with Probate