Transfer Non-probate Assets

Managing and Transferring Assets After Death: Key Steps for Executors

1. Asset Assessment:
   • Identify all assets and categorize them as probate or non-probate assets.
2. Beneficiary Information:
   • Gather information about beneficiaries for non-probate assets.
3. Legal Documentation:
   • Ensure you have the required legal documents, including death certificates and proof of authority.
4. Account Types:
   • Understand the specific transfer process for each type of account (solely owned, jointly owned, payable-on-death, etc.).
5. Jointly Owned Account Changes:
   • If necessary, remove the deceased's name from jointly owned accounts.
6. Beneficiary Accounts:
   • If assets have named beneficiaries, notify them and provide necessary documentation for transfer.
7. Probate Process:
   • For assets going through probate, follow state-specific procedures for asset distribution.
8. Physical Securities:
   • Contact the appropriate authorities for transfer of physical securities.
9. Intangible Assets:
   • Determine the status and transfer process for intangible assets (patents, trademarks, copyrights).
10. Professional Appraisal (if necessary):
    • If intangible assets require appraisal, engage a professional to assess their value.
11. Transfer of Intangible Assets:

It's essential to understand the significance of legally transferring your loved one's assets to their designated beneficiaries.

Probate vs. Non-Probate Assets:

‍Assets Exempt from Probate:

• Life insurance proceeds (unless the estate is the beneficiary).
• Unpaid wages, subject to state-specific limitations.
• Most retirement and pension plans, including IRAs and 401(k)s.
• Payable-on-death accounts, including U.S. savings bonds.
• Assets held within a trust, encompassing property.
• Transferable-on-death accounts and deeds.
• Co-owned U.S. savings bonds.
• Property held in joint tenancy with the right of survivorship.
• Vehicles passed on to immediate family members in accordance with state law.
• Household goods and items inherited by immediate family members as stipulated by state law.
• Property shared by a surviving spouse in community property states. Note: Non-probate assets might transition into probate assets if the primary beneficiary passes away without designating a secondary beneficiary.

Assets Subject to Probate:

• Assets solely owned by the deceased.
• Ownership shares in assets held as tenants in common.
• Testamentary trusts.
• Bank accounts.
• Procedures for these assets hinge on account agreements and state regulations.

Handling Probate Assets:

• Solely owned accounts: These accounts will be temporarily frozen until the personal representative is legally authorized to proceed with probate.
• Jointly owned accounts: To prevent future complications, remove your loved one's name by providing a death certificate, proof of identity, and legal documentation.
• Payable-on-death accounts: These accounts aren't frozen but pass to the named beneficiary upon presentation of a death certificate and valid identification.

Managing Financial Assets & Accounts:

• Named beneficiary with a transferable-on-death designation: Claim ownership, transfer, or sell assets by presenting a death certificate and valid ID.
• No named beneficiary: These assets go through probate and are transferred by the personal representative after settling debts.
• Physical securities (paper stock certificates): Contact the stock company or Treasury Department with specific documents for U.S. savings bonds transfer.

Intangible Assets:

• Patents, trademarks, and copyrights may entail specific arrangements.
• Seek professional appraisal if necessary for sale or division among heirs.
• Contact the relevant registrar or government agency for transfer guidelines.
• Patents and trademarks: File with the U.S. Patent and Trademark Office.
• Copyright assets: Transfer under an estate plan; present a written transfer and fee to The Register of Copyrights.

These steps ensure a seamless and legally compliant process for transferring a variety of assets after your loved one's passing. Seeking advice from legal professionals may provide further guidance, especially in intricate situations.