Probate is the court’s process to pay down a deceased person debt’s and identify any heirs. Probate assets are identified and then distributed to the identified heirs. There are three types of administration of probate formal, summary, and disposition of personal property without administration.
Probate assets can include the following:
- Real Estate homes excluding homestead property
- 401ks, Life insurance policies, retirement accounts
- Bank accounts solely in the deceased name
- Personal Property of the deceased