Nonprobate
What is it? The distribution of a deceased persons property by any means other than probate. Many types of property pass free of probate, including property left to a surviving spouse and property left outside of a will through probate-avoidance methods such as pay-on-death designations, joint tenancy ownership, living trusts and life insurance. Property that avoids probate is sometimes described as the nonprobate estate. Nonprobate distribution may also occur if the deceased person leaves an invalid will. In that case, property will pass according to the particular states laws of intestate succession.Added By: David
The Nonprobate definition has been viewed 161 Time(s)!
Send To Friends!
If you'd like to send the Nonprobate definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -We hope you now understand the meaning of Nonprobate. If you need any more information on this term, please don't hesitate to contact us.