Under the section on estate planning, Schweser says that “Assets solely owned by the decedent must be transfered by a will through the probate process”.
Now, how about assets not solely owned? (would that be for example a company owned by different investors including the decedent?)
Also, those two options the book mentions: gifts and bequests - are those part of the probate process? I mean, particularly, the bequest which is carried after death, is it a part of the probate process?
i’m pretty sure if it’s not solely owned, the other owner gets to take the assets. I believe it’s a way to transfer assets tax-free and without probate.