Non-Probate Assets

Question 1

probate estate

Answer 1

property that a testator owned, solely in his name at the time of his death, which is disposed of pursuant to the terms of his Will or passes by intestacy

Question 2

non-probate assets

Answer 2

interests in property that are not subject to disposition under the Will or via intestacy.

Question 3

Categories of non-probate assets (4 kinds)

Answer 3

1. property passing by right of survivorship
2. property passing by contract
3. property held in trust (trust terms govern disposition)
4. something over which the decedent held a power of appointment