Discover the benefits and advantages of the four types of non-probate property transfers: payable-on-death clauses, the right of survivorship, transfers on death, and inter vivos trusts.
In this lesson, we’ll learn about the role of nonprobate transfers in estate planning and administration.
A nonprobate transfer is a transfer of property made outside the probate process, either during the donor’s lifetime or upon the donor’s death. A nonprobate transfer is not subject to the personal representative’s control, and it can allow a faster and easier transfer of assets to the donee.
Nonprobate transfers can be made through inter vivos gifts or through so-called will...