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Simple English definitions for legal terms
Read a random definition: CFC
A nonprobate asset is an item that is owned and has value, but does not go through the probate process after the owner's death. This means that it does not have to be distributed through a will or trust. Examples of nonprobate assets include:
These examples illustrate that nonprobate assets are those that have a designated beneficiary or joint owner, and therefore do not need to go through the probate process to be distributed.