5) Determining assets
In some cases, the executor is quite familiar with the deceased's assets. However, little may be known regarding the presence of assets in other circumstances. The assets of a probate estate can be determined using a variety of techniques.
The assets of the deceased must be listed by the probate estate administrator. The court must receive an asset list no later than six months from the appointment date or the deadline for filing an estate tax return, whichever comes first. An appraisal should be performed on real estate and occasionally other valuable goods.
If a beneficiary designation is present then the stated personal assets will pass to another person by operation of law. However, if the beneficiary is deceased, the personal assets will pass to one of the contingent beneficiaries.
Real estate with a title entirely in the decedent's name (including real estate investments), individually-held savings, checking, and brokerage accounts, cars, jewelry, money, and electronic equipment are a few examples of probate assets.
Any asset that lacks a beneficiary designate and does not pass automatically, falls within the definition of a probate asset. Indeed, real property owned solely in the decedent's name is referred to be probate property. However, any personal property that the deceased possessed jointly with another person (if the deed states "joint tenants") or for which she designated a beneficiary, passes automatically, without going through the probate process.
Certain assets are classed as non-probate assets and these can include a retirement account or retirement benefits, a life insurance policy with named beneficiaries, assets held in trust bank accounts with named beneficiaries, and any accounts held with joint ownership, e.g. joint bank accounts.