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Trust Glossary

Non-probate Assets - Assets comprising a decedent’s non-probate estate. Non-probate assets include:
  • Joint tenancy property (but not property held as a tenancy-in-common), which passes to surviving joint tenants
  • Joint bank accounts with right of survivorship, which pass to the surviving joint tenants
  • Payable-on-death bank accounts which pass to the designated payable-on-death beneficiaries
  • Transferable-on-death securities and securities accounts, which pass to the designated transferable-on-death beneficiaries
  • Property whose title decedent has transferred but whose possession decedent has retained until his/her death, which passes to the remainder beneficiaries according to the deed or other conveyance document
  • Property decedent has transferred to a revocable living trust for his/her benefit, which continue to be held by the trust, now for the benefit of the successor beneficiaries
  • Property subject to a community property agreement, which passes to decedent’s surviving spouse
  • Life insurance policies on decedent’s life, whose proceeds pass to the designated beneficiaries
  • Property held in decedent’s individual retirement accounts, which passes to the designated beneficiaries
  • Property in decedent’s employee benefit plans, which passes to the designated beneficiaries

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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