Asset Categorization Worksheet
Understand which of your assets will go through probate and which bypass probate automatically. Essential for estate planning and cost estimation.
Your Assets
Add your assets to see which go through probate
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Understanding Probate vs Non-Probate Assets
Probate Assets
Assets that must go through probate court before being distributed to heirs.
- •Assets in your name only
- •No beneficiary designation
- •Not in a trust
- •Subject to probate fees
Non-Probate Assets
Assets that automatically transfer to beneficiaries outside of probate.
- •Joint ownership (with survivorship)
- •Beneficiary designations (POD, TOD, etc.)
- •Living trusts
- •Bypass probate entirely
Common Questions
What's the difference between joint ownership types?
Joint with right of survivorship (JWROS) means the asset automatically passes to the surviving owner and bypasses probate. Tenants in common means each owner's share goes through their probate estate. Always verify which type of joint ownership you have.
What happens if I name my estate as beneficiary?
Naming your estate as beneficiary on retirement accounts or life insurance defeats the purpose of the beneficiary designation - those assets will go through probate. Always name individual people, trusts, or charities as beneficiaries, never your estate.
Can I add POD/TOD designations to any account?
Most financial institutions offer POD (payable-on-death) for bank accounts and TOD (transfer-on-death) for investment accounts at no cost. Some states also allow TOD designations for vehicles and real estate. Check with your specific institution and state laws.
Will reducing probate assets affect my estate taxes?
No. Probate avoidance strategies (beneficiary designations, joint ownership, trusts) do not reduce your taxable estate for federal estate tax purposes. They only affect whether assets go through the probate court process. However, they can save substantial probate fees and time.