If the decedent's estate includes assets valued in excess of $100,000, or real estate, a probate must be opened for the estate. Assets that are subject to probate are those assets that are owned by the deceased individual and are not transferred to a designated beneficiary by their own terms or the form of ownership. For example: real estate might be owned in joint tenancy with rights of survivorship and upon the death of one of the joint tenants the survivor becomes the sole owner and can deal with the property without the need for probate; life insurance often has a designated beneficiary such that upon delivery of proof of the death of the insured, the insurance company distributes the benefit to the named beneficiary without the need for probate; similarly, certain financial accounts and deferred income accounts might have designated beneficiaries and upon proof of death provided to the financial institution the account is distributed to the designated beneficiary in accord with the terms of the account. When an asset is owned by the deceased and an act of the deceased is required to transfer ownership then a probate is required to appoint a representative for the decedent's estate. Since the deceased cannot act, the court appointed representative is granted the authority to deal with the assets of the deceased and to transfer the assets of the deceased. The Court supervises the probate estate to ensure that the proper parties designated in the Will receive distribution of their legacy as directed by the deceased in the Will.
Answered on Dec 10th, 2013 at 4:21 PM