nonprobate property

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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Beneficiaries in receipt of nonprobate property face a similar challenge.
Lien recording is not necessary, and a tax lien will automatically apply to the nonprobate property (see CCA 201129037).
Inquire as to outstanding estate tax obligations on nonprobate property.
4) This concept excluded nonprobate property (sometimes referred to as "will substitutes") from the computation of the surviving spouse's share.
The purpose of this article is to evaluate the court cases attempting to apply traditional elective share statutes to nonprobate property under the "fraud on the spousal share" doctrine.
The statute also said that the executor was under no duty to recover any pro rata portion of such taxes from the beneficiary of any nonprobate property.
Both probate and nonprobate property will qualify for QDOT treatment if transferred directly from the decedent to the QDOT, or irrevocably assigned to the QDOT prior to the time that the federal estate tax return is filed.
40) Like the rationale for applying the revocation-by-divorce doctrine to wills, the UPC provision assumes a decedent would not want his nonprobate property to go to an ex-spouse.
Although most of the state statutes extending the revocation-by-divorce doctrine to nonprobate property are worded broadly enough to cover beneficiary designations for ERISA-governed assets, such statutes do not exclusively target such assets.
The will should specify who pays taxes on both probate and nonprobate property.
A fundamental ownership concept is the difference between probate and nonprobate property.
The disposition of probate property is subject to a will; the disposition of nonprobate property is controlled by some other legal document.