What Is A Non-Probate Asset?

A NON-PROBATE ASSET is a piece of property or other asset owned by someone who has died that is given to its new owner by a method that is not a Gift or not under the terms of a Last Will and Testament.

Usually this involves the transfer of the ownership of the asset to the new owner as part of a Contract or other Agreement. Since the asset does not have a Title to be transferred, the asset usually will not need to be included in any Probate case that may be necessary to transfer ownership of other assets.

The most common examples of NON-PROBATE ASSETS are life insurance policies, retirement plans, and some types of bank accounts.