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LSDefine

Simple English definitions for legal terms

nonprobate asset

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A quick definition of nonprobate asset:

A nonprobate asset is something that a person owns and has value, but it doesn't have to go through a legal process called probate when the person dies. Probate is when a court decides how to distribute a person's things after they die. Nonprobate assets can include things like life insurance policies, retirement accounts, and property that is owned jointly with someone else. These things usually go directly to the person or people named as beneficiaries, without needing to go through probate.

A more thorough explanation:

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:

  • Jointly owned property
  • Life insurance policies with a named beneficiary
  • Retirement accounts with a named beneficiary
  • Payable-on-death bank accounts

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.

nonprobate | nonprobate property

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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