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Does All Property Have To Go Through Probate? Real and personal property owned as a joint tenants passes to the surviving co-owners without going through probate. Other types of benefits, such as life insurance or annuities payable directly to a named beneficiary bypass probate. Money from IRAs, Keoghs, and 401(k) accounts transfer automatically, outside probate, to the persons named as beneficiaries. Bank accounts that are set up as payable-on-death account (POD for short) or an "in trust for" account with a named beneficiary also pass to that beneficiary without probate.If a Living Trust holds legal title to property, that also passes to the beneficiaries without probate. (The Trust is a legal entity which survives you after your death.) If you or a loved one is in need of legal assistance, call the Law Office of Angela Barker LLC at (646) 415-8883 or, if you prefer, send us an email. As a participating attorney in the AARP Legal Services Network; the Law Office of Angela Barker LLC provides services to AARP members at reduced fees. |
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