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.

---

词条贡献者

译者Celia，毕业于新加坡知名法学院，擅长翻译涉及信息和智能技术领域的法律文件。