Non-probate assets include assets held as joint tenants with rights of survivorship, assets with a beneficiary designation, and assets held in the name of a trust or with a trust named as the beneficiary. ... Your Will does not control these assets.

What is the difference between probate and non probate?

Probate assets are usually assets that are owned solely in your name. Non-probate assets typically have a beneficiary designation or some type of other designation that indicates the property will transfer on the owner's death. For example, most retirement accounts require the owner to select a beneficiary.

Why would a will not be probated?

Probate is generally not required in NSW where there are insufficient assets to justify a grant or if all assets are owned in joint names.