Does All Property Have To Go Through Probate?

Real property owned with right of survivorship or by tenants by the entirety, and personal property owned as joint tenants with right of survivorship passes to the surviving co-owners without going through probate.

Other types of benefits, such as life insurance or annuities payable directly to a named beneficiary bypass probate. Money in IRAs and 401(k) accounts transfer automatically, outside probate, to the persons named as beneficiaries. Bank accounts that are set up as payable on death (POD) accounts or an "in trust for" account and stocks and bonds set up as transfer on death (TOD) accounts, with a named beneficiary, also pass to that beneficiary without probate.

If a Living Trust holds legal title to property, that also passes to the beneficiaries without probate. (The Trust is a legal entity created while you are alive which survives you after your death.)

If you or someone you know needs legal representation, contact Kryger Alexander Carlson PC at (541) 928-6171 (Albany Office) to set up an appointment to speak with one of our attorneys, or submit a free case review form.