Assets That Are Not Subject To Probate
Not all assets are subject to probate. For instance, life insurance policies that name a specific beneficiary are not subject to probate. If however, you name “my estate” or “my children” as beneficiaries, a probate will probably be required.
Retirement accounts, also known as “qualified accounts” like IRA’s and 401K’s, are not subject to probate if they name a specific beneficiary. Title to real property that is held in a revocable living trust is not subject to probate, because the real property will be distributed to the beneficiaries of the trust, by operation of the terms of the trust.
Title to real property that is held in joint tenancy or community property with right of survivorship will not require probate. However, if you die with your name alone on the deed, and the property is not in your revocable living trust, a probate will be required.