nonprobate asset

Property that passes to a named beneficiary upon the owner’s death according to the terms of some contract or arrangement other than a will.

• Such an asset is not a part of the probate estate and is not ordinarily subject to the probate court’s jurisdiction (and fees), though it is part of the taxable estate. Examples include life-insurance contracts, joint property arrangements with right of survivorship, pay-on-death bank ac-counts, and inter vivos trusts.

— Also termed nonprobate property. Cf. WILL SUBSTITUTE.

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词条贡献者

法律翻译Bryan，毕业于新加坡知名法学院，专注翻译各类与私募股权有关的法律文件。