Property that passes to a named beneficiary upon the owner’s death according to the terms of some contract or arrangement other than a will.
? Such an asset is not a part of the probate estate and is not ordinarily subject to the probate court’s jurisdiction (and fees), though it is part of the taxable estate. Examples include life-insurance contracts, joint property arrangements with right of survivorship, pay-on-death bank ac-counts, and inter vivos trusts.
¡ª Also termed nonprobate property. Cf. WILL SUBSTITUTE.
How do Chinese legal professionals usually express the term nonprobate asset?
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