What are probate assets?

Video Transcription:

Probate assets are those assets that are owned directly by the deceased person. I could have a lot of different assets, but none may be probate assets. For example, I have a life insurance policy, but it has a named beneficiary, so that’s not gonna be a probate asset. Same with my IRA that has a named beneficiary. Same with a joint bank account. That’s gonna go right to my joint account holder, or real estate that’s owned jointly with rights of survivorship is not gonna pass through probate. But if there’s a bank account, real estate, money market account, any other asset just in my name, that’s going to be a probate asset.