Legal Definitions - Non-Probate Assets

Non-probate assets are assets that have already been transferred to another person before the owner's death or assets that have a survivorship mechanism in place. These assets do not go through probate court and are not distributed according to the owner's will.

• Jointly owned property
• Retirement accounts with named beneficiaries
• Life insurance policies with named beneficiaries
• Bank accounts with payable-on-death designations
• Trusts

For example, if a husband and wife own a house together, and the deed to the house is in both of their names with a right of survivorship, the house would pass directly to the surviving spouse upon the death of the other spouse. The house would not go through probate court and would not be distributed according to the deceased spouse's will.

Similarly, if a person has a life insurance policy with their spouse named as the beneficiary, the proceeds of the policy would go directly to the spouse upon the policyholder's death. The proceeds would not go through probate court and would not be distributed according to the policyholder's will.