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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

nonprobate property

An asset, such as one held in joint tenancy, that does not have to pass through probate in order to be transferred.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
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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."