What happens to my assets when I die?
There are a lot of different things that can happen with your property, but basically if you have an asset, any piece of property that is in your name, that you own, and you are the only owner, and there is not any way for that asset to transfer automatically, then that is what is called a probatable asset.
Probate is the court that is involved with transferring assets after somebody passes away. The general legal basis behind that is that during your lifetime, you are the only person who has ownership of your own assets. No one else can come in and take your things from you because they are yours.
The same principle applies after you are gone. Now you have this asset that is stuck, it is in your name, but if you are no longer around to be able to transfer it, the court has to step in and use the court authority to grant somebody else the ability to transfer those assets in your name, and that is the process of probate. There are certain laws that govern what happens with where everything goes and what court process is needed. That is the general probate process.
This video is for informative purposes only. It is not intended as legal advice. Small details can have big consequences. Want to know more about Estate Planning, schedule a free consultation with us.