Assets owned solely by a deceased person in their individual name at death, which must pass through the probate court process and are distributed according to the person's will or, if there is no will, according to intestacy laws. Under control of the executor or administrator and form the probate estate. Distinguished from non-probate assets, which pass outside probate through beneficiary designations, joint ownership, or trusts.
Things you own in your own name that have to go through probate court when you die. If your bank account is just in your name (not joint, no "payable on death" designation), it's a probate asset. If your house is in your sole name, it's a probate asset. These assets can't be distributed until a court approves your will (or appoints an administrator) and your executor goes through probate. This takes time and costs money, which is why estate planning often focuses on minimizing probate assets.
⏱ When you'll encounter this term
- Applying for probate or letters of administration
- Preparing an inventory of a deceased person's estate
- Estate planning to minimize probate
- Determining whether probate is necessary
- Dividing assets between probate and non-probate
"When Dad died, we listed his assets. His house and car were in his name only—probate assets. His life insurance named Mum as beneficiary—not a probate asset, went straight to her. His joint bank account with Mum—not a probate asset. But his personal savings account in his name only—probate asset, we couldn't access it until we got probate."
💡 Did you know?
You can convert probate assets to non-probate assets through simple strategies: add a joint owner to your bank account, name a "transfer on death" beneficiary, or transfer property to a living trust. This can help your family avoid probate entirely or at least minimize the assets that must go through the process. However, each strategy has tax and legal implications—consult an estate planning lawyer before making changes.