nonprobate property(redirected from Non-Probate 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.
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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.