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Simple English definitions for legal terms

nonprobate assets

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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

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Dkk
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2016 pushed the conservative party into populism irreversibly
Dkk
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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!
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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.
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