Assets and Ownership in Cranberry Township Probate

Many people are unaware of how assets and ownership in Cranberry Township probate can impact the estate administration process. While some assets are subject to probate, others may not be. If you are an executor of a will, figuring out how these work can help you avoid mistakes and honor the deceased’s wishes.

Contact our experienced probate attorneys today for a free consultation.

What are Probate Assets?

Probate assets are assets that belonged solely to the decedent and didn’t have a named beneficiary. This also includes the decedent’s separate share of any property they owned jointly with someone else as a tenant in common.

During the probate process, the executor of the will gathers and distributes these assets. They assist the rightful heirs with ownership transfer and deal with creditor claims. The probate court in Cranberry Township handles any disputes that may arise among heirs or beneficiaries.

Assets Excluded From Probate

Non-probate assets are those that allow the owner to designate beneficiaries before their death. Some of them have built-in mechanisms that allow this type of transfer outside of probate. Such assets include:

• Jointly Owned Property with Right of Survivorship: When property is owned jointly with a right of survivorship, the surviving co-owner inherits the deceased’s share automatically.
• Payable-on-Death (POD) Bank Accounts: These accounts let the owner name a beneficiary who receives the funds directly after death.
• Transfer-on-Death (TOD) Securities or Registrations: Stocks, bonds, and other investment accounts with a TOD designation transfer directly to the named beneficiary.
• Life Insurance Policies: The payout goes directly to the named beneficiary, as stated in the policy, without court involvement.
• Retirement Accounts (401(k), IRA, etc.): These accounts usually have designated beneficiaries who receive the funds directly after the account holder’s death.
• Living Trust Assets: Assets placed in a revocable living trust during the person’s lifetime are managed and distributed by the trustee according to the trust’s terms, not through probate.

These assets are not usually included in Cranberry Township probate. However, there may be some exceptions. A probate attorney can help understand the nuances and ensure proper distribution.

Ownership in Probate

Determining ownership in Cranberry County probate helps distinguish between probate and non-probate assets. For each asset, it is necessary to establish whether the decedent held sole ownership.

If the decedent co-owned an asset, the executor must determine the form of ownership. For example, the property may have been held in joint tenancy or tenancy by the entirety.

The first step is to review the title document, such as a property deed. However, even if the decedent appeared to hold sole ownership, that may not be the complete picture. Separate agreements may alter ownership rights.

Discuss Assets and Ownership in Probate with a Probate Attorney in Cranberry Township

If you are an executor of a will, you need to understand how assets and ownership in Cranberry Township probate work. Asset complexity, coupled with conflicts between beneficiaries, can make the process complicated and time-consuming.

A skilled probate attorney from Sechler Law Firm, LLC can help you understand how assets should be divided according to the law and the decedent’s will. Contact us to schedule an in-depth consultation.