nonprobate assets

Definition of "nonprobate assets"
  1. Assets left by a deceased person that bypass probate court proceedings and are directly transferred to the inheritors; commonly includes life insurance proceeds, jointly owned property, community property, and assets in a living trust
How to use "nonprobate assets" in a sentence
  1. Upon his father's passing, he found that most of the estate comprised nonprobate assets, simplifying the inheritance process.
  2. Several nonprobate assets, like the life insurance and jointly owned condo, passed directly to the beneficiaries.
  3. By holding his properties in a living trust, he ensured that his wealth got transferred as nonprobate assets.

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