nonprobate transfer

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A transfer of property at death from a decedent to another without the need for a probate proceeding. Such transfers can be made through a wide variety of instruments. For example:

Nonprobate transfers offer a number of advantages. First, because nonprobate assets do not need to go through the probate process, the property is available immediately. Second, nonprobate assets are transferred without public proceedings; therefore, there is increased privacy under nonprobate transfers. Finally, the cost of nonprobate transfers is lower because court costs and attorney fees are reduced or avoided entirely.

[Last updated in July of 2020 by the Wex Definitions Team]