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Nonprobate Assets

Nonprobate assets are those assets of an estate that are not required to go through probate when the owner dies and are able to be transferred directly to the person who is to inherit them. Common examples of nonprobate assets include life insurance policy, joint tenancy properties, livening trusts, and community property. Individuals who are planning their estate and wish to make their end of life proceeding smooth will take these things into consideration and plan their estates so that as little as possible has to go through probate. Married couple in particular have a lot of nonprobate assets due to the marital exemption law, the only probate items they would have would be items willed to people other than their spouse.

Fast Facts

  • Living Trusts can be used to make nearly all of an estate part of non-probate assets and practically avoid probate all together.
  • Assets can be nonprobate by titling them with "your name POD John Doe", meaning you but payable on death to John Doe. Some states use TOD for time of death instead of POD.

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