Nonprobate Transfer

A Nonprobate Transfer is a way of transferring property without going through probate. The most common types of Nonprobate Transfers are beneficiary designations. For example, if a person owns a life insurance policy, they usually designate their spouse or children as beneficiaries to the policy. When the policy-holder dies, the spouse or children receive the life insurance proceeds without going through probate. Depending on the state, almost any asset may be transferred via Nonprobate Transfer.