20:55
MIAMI A
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
nonprobate estate
Read a random definition: auxilium ad filium militem faciendum et filiam maritandam
A quick definition of nonprobate estate:
A nonprobate estate refers to assets that do not need to go through the probate process after a person passes away. These assets can be transferred directly to the designated beneficiaries without the need for court supervision. Examples of nonprobate assets include life insurance policies, retirement accounts, and jointly owned property.
A more thorough explanation:
A nonprobate estate refers to assets that are not subject to probate court proceedings upon the owner's death. These assets pass directly to the designated beneficiaries or joint owners without the need for court intervention.
Examples of nonprobate assets include:
- Jointly owned property
- Life insurance policies with named beneficiaries
- Retirement accounts with designated beneficiaries
- Payable-on-death bank accounts
For instance, if a person owns a house jointly with their spouse, the house automatically passes to the surviving spouse upon the owner's death. The surviving spouse does not need to go through probate court to claim ownership of the property.
Similarly, if a person has a life insurance policy with their child named as the beneficiary, the child will receive the death benefit directly without the need for probate court proceedings.