Nonprobate transfer - sustany/dvg GitHub Wiki

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:

• Living trusts;
• Marital property agreements;
• Survivorship marital property;
• Joint ownership with right of survivorship;
• Payable on death (POD) accounts;
• Beneficiary designations on retirement plans,�annuities, and�life insurance policies;
• Transfer on death (TOD) security registration.

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.