Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

nonprobate assets

Read a random definition: in perpetuum rei testimonium

A quick definition of nonprobate assets:

Nonprobate assets are things that someone owns that are transferred to another person without going through a legal process called probate. This can happen when the owner gives the thing away while they are still alive, or when the thing is set up to automatically go to someone else after the owner dies. Examples of nonprobate assets include gifts, joint ownership, and trusts. Sometimes, nonprobate assets are counted when figuring out how much a surviving spouse should get from the person who died.

A more thorough explanation:

In trusts and estates, non-probate assets are assets that are transferred outside of the probate process. This means that the ownership of these assets changes without going through the court system. Non-probate assets can include:

Inter vivos gifts are gifts that are given during a person's lifetime. Tenancy by entirety is a type of joint ownership that is only available to married couples. Joint tenancy with right of survivorship means that when one owner dies, the other owner automatically inherits the property. Trusts are legal arrangements in which a trustee manages assets for the benefit of a beneficiary.

These examples illustrate the definition of nonprobate assets because they all involve a transfer of ownership that occurs outside of the probate process. For example, if a person creates a trust and transfers their assets into the trust, those assets will be managed by the trustee and will not go through probate when the person dies. Similarly, if a married couple owns property as tenants by entirety, the surviving spouse will automatically inherit the property when the other spouse dies, without the need for probate.

It's important to note that the inclusion of nonprobate assets in the calculation of the elective share (a mechanism that allows a surviving spouse to choose between an elective share calculation or under the decedent’s will) varies by jurisdiction.

nonparty | nonprobate estate

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
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
LSD+ is ad-free, with DMs, discounts, case briefs & more.