A will is a written document which a person prepares with the intent of disposing their probate assets at death.   Not all a person’s property are considered “probate assets.”  This is an important distinction to understand.  A will only disposes property which is considered to be a part of the deceased person’s probate assets.

Non-probate assets or “non-testamentary transfers” are assets which do not “pass” by will.  In other words, a will will not affect the transfer of these types of assets.  Some common non-probate assets include assets such as Life Insurance Proceeds, assets in a trust, and payable on death accounts.  The disposition of these assets are generally determined by the governing agreement or beneficiary designation.  For example, property owned by a trust will be managed by the trust agreement.  The beneficiary designation on a payable on death account will determine the disposition of the account.  A will will not affect these designations and/or agreements.

Probate assets are assets which are assets other than non-probate assets.