will substitute

will substitute. A document or instrument that allows a person, upon death, to dispose of an estate in the same or similar manner as a will but without the formalities and expense of a probate proceeding. • The most common will substitutes are trusts, life-insurance plans, and retirement-benefits contracts. The creation of will substitutes has been one of the most important developments in the area of decedents’ estates in the past 50 years. Cf. nonprobate asset under ASSET. [Cases: Wills 86.]

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词条贡献者

资深译员筠怡，国际知名法学院民商法专业，专注翻译各种与商业和侵权诉讼有关的法律文件。