Guide to probate, pre probate, and non-probate assets
How are properties under pre probate in Florida different?
You might have an idea of what probate properties are and what does the word ‘probate’ really means, but do you know what ‘pre probate’ means? Well, if you don’t, here’s what it really is. Pre probate refers to the process of looking up or searching for all who died due to an unfortunate life event or have lately expired. In such a scenario, the deceased person’s estate comes under the records of obituaries and is commonly referred to as pre probate. So, the difference between probate and pre probate is exactly what the name implies! Probate refers to a property that’s already filed in the court, and pre probate properties are those that are yet to be filed.
If you are looking for properties under pre probate in Florida, it’s important to note that while some of the pre probate properties eventually end up in probate, few of those also get transferred without the need for probate. However, finding reliable information about such properties is harder than you imagine. This is why people rely on probate listings or on experienced agents who specially deal in properties that will be inherited or is to be passed on to a joint property owner.
Probate vs. non-probate: The difference
When a homeowner dies, his assets are generally divided into two separate legal categories – probate and non-probate. There’s a very small difference between the two, which basically determines how those items/ assets would be distributed. Even if the will has your name, only the probate part of things would pass onto you. The non-probate assets would pass onto the beneficiaries outside of the will. It’s worth mentioning that probate courts only have jurisdiction over the disbursal of probate assets.
What are probate assets?
Most people believe that if their name is in the will of the deceased, he or she would gain complete control of the property, but that couldn’t be further from the truth. In fact, there have been instances where spouses have been surprised to know that in spite of their name in the will, they wouldn’t inherit it all. How so? Probate assets only refer to assets that the deceased owned exclusively. This generally includes the following.
• Real estate property exclusively owned by the decedent or held with someone as a tenant.
• All personal items, including but not limited to jewelry, furniture, automobile, and common household items.
• Any and all bank accounts owned solely by the deceased.
• A company owned solely or through partnership, LLC, or corporation.
• Life insurance policies and brokerage accounts that name the decedent as the sole beneficiary.
What comes under non-probate assets?
Simply put, non-probate assets generally refer to assets that the deceased jointly held with someone else. Such assets are usually owned as joint tenants with rights of survivorship. When one of the joint owners passes away, the other co-owner automatically gains control over the asset. Some of the various examples of non-probate assets include the following.
• Life insurance proceeds
• Retirement plans
• Trust assets
• Real estate properties jointly owned with someone else
• Pensions and annuities
• Joint bank accounts
• Any asset with a beneficiary or payable on death designation
How to close deals - probate and pre-probate in Florida, quickly?
Closing probate properties take time and require patience from an investor’s end. This is why following obituaries and following pre probate leads is the best way forward. The fact that it does not involve any legal hassle and is beyond the jurisdiction of the probate court, is what makes it apt for investing. On the other hand, probate properties come across as a supplementary marketing funnel – one that could prove valuable in the right hands. This is why we urge investors to only rely on professional and genuine platforms for pre probate and probate leads. It’s essential for investors to educate themselves about the process, the laws in various states, and also acquire the right skills, to actually benefit from these.