Nutley, New Jersey estate planning and probate attorney, Brad Micklin, discusses the difference between probate and non-probate methods of transferring wealth.
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Well the difference between probate and non-probate property is the distinction of whether or not it has to go through the court before going to the beneficiaries.
Any property that’s left in a will must go through the probate process, which is a legal process in the Probate Court, which can take anywhere from a year or so and a good amount of legal fees.
Non-probate property is property that’s designated in some way to pass directly to a named individual either by naming them in an account like an IRA named beneficiary or being the joint account holder in a bank account or real estate. Those types of property will pass directly and immediately upon your passing whereas the probate assets have to go through the legal process first.