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Will Substitute

Will Substitute

Definition

A method of transferring assets to a beneficiary that occurs or takes effect upon the death of the donor, i.e., a posthumous gift or transfer made outside a will and which consequently does not pass through the probate estate. Examples of will substitutes include revocable inter vivos trusts, payable on death accounts, property held jointly with right of survivorship, employee benefit plans and annuity contracts.

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