nonprobate property

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Nonprobate Property

An asset or other property that does not have to pass through the probate process in order to be transferred following the death of the owner. Most of the time, nonprobate property is jointly owned and ownership simply remains with the surviving owner.

nonprobate property

An asset, such as one held in joint tenancy, that does not have to pass through probate in order to be transferred.
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"Often, a boilerplate tax allocation clause commonly found in wills charges the testator's residuary estate under the will with the burden of all taxes imposed on both probate and non-probate property."