Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Non-Probate Assets

Read a random definition: contra account

A quick definition of Non-Probate Assets:

Non-Probate Assets: Non-probate assets are things that a person owns that have already been given to someone else before they die or have a way of automatically transferring to someone else after they die. These things do not have to go through a court process called probate, where a judge decides who gets what. Examples of non-probate assets include things like life insurance policies, retirement accounts, and joint bank accounts.

A more thorough explanation:

Non-probate assets are assets that have already been transferred to another person before the owner's death or assets that have a survivorship mechanism in place. These assets do not go through probate court and are not distributed according to the owner's will.

  • Jointly owned property
  • Retirement accounts with named beneficiaries
  • Life insurance policies with named beneficiaries
  • Bank accounts with payable-on-death designations
  • Trusts

For example, if a husband and wife own a house together, and the deed to the house is in both of their names with a right of survivorship, the house would pass directly to the surviving spouse upon the death of the other spouse. The house would not go through probate court and would not be distributed according to the deceased spouse's will.

Similarly, if a person has a life insurance policy with their spouse named as the beneficiary, the proceeds of the policy would go directly to the spouse upon the policyholder's death. The proceeds would not go through probate court and would not be distributed according to the policyholder's will.

Non-Judicial Foreclosure | Non-profit organizations

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.