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What are probate assets?
Probate assets are assets owned by a decedent at the time of death that must be identified, inventoried, and distributed through the probate court process. Common probate assets include real estate, financial accounts, personal property, and other assets subject to probate.
Probate assets are assets that are subject to the probate process, meaning they are part of a deceased person's estate and must be assessed and distributed according to the person's will or the laws of intestacy. Probate assets may include items such as bank accounts, securities, real estate, automobiles, and heirlooms.
Probate assets are important because they are the property that must be distributed to heirs or beneficiaries upon the death of an individual according to the terms of his or her will. In the event that there is no will, probate assets are distributed by a court-appointed administrator. These assets can include real estate, stocks, bonds, bank accounts, and other financial investments. The probate process can also help to ensure that taxes are paid and creditors are satisfied.
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