Legal Definitions - Probate Assets

Probate Assets

In trusts and estates law, probate assets refer to assets that an individual owns in their sole name at the time of their death. These assets do not have a survivorship feature that will control their disposition at death. Therefore, the disposition of probate assets is determined by the probate court and is usually divided as directed by the decedent’s will.

• A house owned solely by the decedent
• A bank account in the decedent's name only
• A car owned solely by the decedent

These examples illustrate probate assets because they are owned solely by the decedent and do not have a survivorship feature. Therefore, their disposition is determined by the probate court and is usually divided as directed by the decedent’s will.