A probate asset is any asset owned by you as an individual and assets where your “estate” is the owner or designated or contingent beneficiary.
Probate assets will be managed by the executor named in your will or by a personal representative appointed by the court if you do not have a will.
- Instructions in your will generally determine the beneficiary of your probate assets. If you do not have a will, state intestate secession rules determine the beneficiary.
- The executor or personal representative must determine what type of probate procedures are required to get authority (Letters or Affidavits) to manage the property.