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Simple English definitions for legal terms
nonprobate property
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A quick definition of nonprobate property:
Nonprobate property refers to assets that do not go through the probate process after a person's death. These assets are typically transferred directly to a designated beneficiary or joint owner. Examples of nonprobate property include life insurance policies, retirement accounts, and jointly owned property.A more thorough explanation:
Nonprobate property refers to assets that are not subject to probate court proceedings upon the owner's death. These assets pass directly to the designated beneficiary or joint owner. Examples of nonprobate property include:
- Life insurance policies with a named beneficiary
- Retirement accounts with a designated beneficiary
- Jointly owned property with rights of survivorship
- Payable-on-death bank accounts
These examples illustrate how nonprobate property bypasses the probate process and goes directly to the designated beneficiary or joint owner. This can save time and money for the beneficiaries and avoid potential disputes over the distribution of assets.