Two types of assets are included in a person's estate. These types are _______ and ______. ____________ ownership refers to assets owned outright by a person, whereas ____________ assets refer to those assets which must pass through a probate court.

Question

Quizplus · Accepted Answer

The two types of assets are probatable and nonprobatable. Probatable assets refer to those assets which must pass through a probate court, while nonprobatable ownership refers to assets owned outright by a person. Option A, C, and D are incorrect as they do not describe the correct types of assets.

Two Types of Assets Are Included in a Person's Estate