What assets do and do not go through probate in Connecticut?

When a loved one passes away, their estate typically goes through a legal process known as probate. In Connecticut, understanding which assets are subject to probate and which ones are exempt can help individuals navigate the estate settlement process more effectively. This article will delve into the specifics of what assets do and do not go through probate in Connecticut, shedding light on the legal framework that governs the distribution of property.

Assets Subject to Probate

Assets that are subject to probate in Connecticut include real estate solely owned by the deceased, personal property such as vehicles and jewelry, bank accounts held solely in the deceased’s name, and any investments or financial accounts that were not designated to transfer automatically upon death.

Real Estate

Real estate owned solely by the deceased individual is considered a probate asset in Connecticut. This includes any residential or commercial properties that were not held jointly with rights of survivorship or placed in a trust.

Personal Property

Personal belongings like vehicles, jewelry, furniture, and other tangible assets are typically included in the probate process if they were not designated to pass outside of probate through mechanisms such as a living trust or a payable-on-death (POD) account.

Bank Accounts and Investments

Bank accounts, investment accounts, and other financial assets that were solely in the deceased’s name are subject to probate in Connecticut unless there are designated beneficiaries or co-owners with rights of survivorship.

Assets Exempt from Probate

While certain assets go through probate, there are also types of property that are exempt from the probate process in Connecticut. These assets typically pass directly to beneficiaries without the need for court supervision.

Jointly Owned Property

Property held jointly with rights of survivorship automatically passes to the surviving owner(s) upon the death of one owner and is not considered a probate asset.

Trust Assets

Assets held in a trust, such as a revocable living trust, bypass probate as they are owned by the trust and not the deceased individual directly. The trust document governs the distribution of these assets according to the deceased’s wishes.

Retirement Accounts and Life Insurance

Retirement accounts like 401(k)s, IRAs, and life insurance policies with designated beneficiaries do not go through probate in Connecticut. These assets pass directly to the named beneficiaries outside of the probate process.

Legal Code Reference

The laws governing probate in Connecticut can be found in the Connecticut General Statutes, specifically in Title 45a – Probate Courts and Procedure. Individuals dealing with estate settlement in Connecticut should refer to these statutes for detailed information on probate procedures and asset distribution.

Navigating the Probate Process in Connecticut

Understanding which assets are subject to probate and which ones are exempt is crucial for efficiently settling an estate in Connecticut. By being aware of the different types of property and how they are handled during the probate process, individuals can streamline the distribution of assets and ensure that the deceased’s wishes are carried out effectively.

Buried in Work’s Additional Resources

Buried in Work provides Connecticut state-specific service provider directories and information related to estate preparation, end-of-life tasks, and estate transition information. Click here to learn more.