Probate Assets
Includes all interest and assets, real or personal, tangible or intangible, that are owned outright by a person at the time of his or her death. "Probate assets" are those assets that have no beneficiary designation and will pass under the terms of the Will.
Non-Probate Assets
These assets pass upon death to the named survivor or beneficiary "outside of probate." These assets are those that do not pass under the terms of a Will. They are assets that pass to a beneficiary named on the document that was signed when the asset was created.
Our article, Probate Assets vs. Non-Probate Assets goes into more depth on the difference between these assets.
