Transferring Probate and Non-Probate Property
Having established the power to transfer property at death, the states have developed a body of law for transferring a person’s estate. This body of law classifies property as either probate or non-probate property.
Probate property is property of the estate that passes under the decedent’s will or by intestacy. The term intestacy refers to the state laws that govern when the decedent dies without a will. The probate court will then oversee the disposition of these assets. This is often referred to as probating a will.
Non-probate property is property that passes under an instrument other than a will which became effective before death. Non-probate property can include:
- joint tenancy property
- life insurance
- contracts with payable on death provisions (such as retirement accounts)
- interests in trusts
In addition to developing a body of law for probate and non-probate property, states have also developed a body of procedural rules for administering estates.
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