Personal or real estate property legally owned by an individual at the time of their death is considered an asset that’s subject to California probate laws. Assets involved in probate are generally divided into two categories: intangible and tangible assets.
Tangible assets include homes, vehicles, boats, valuable jewelry and various household items that can be liquidated for cash. Intangible assets usually refer to assets without physical substance, and can include savings and checking accounts, business interests, stocks and other items that cannot be immediately liquidated for cash.