Who Will Get My Property at My Death? Title to Property is the Key to Asset Transfers at Death

Asset ownership is the key to determining who will get your assets (also, "property" or "estate") when you die. Your assets will pass at death: (1) by operation of law; (2) under the terms of a contract; or (3) under state laws relating to the administration of estates in the probate court. Why is this important? Because assets passing by operation of law or under a contract are usually not subject to administration in probate and are usually not affected by a will.

• Operation of Law: Some forms of property ownership determine, by legal definition, who will immediately succeed to a deceased co-owner's interest in the property. Examples include joint tenancy, community property with a right of survivorship [Nevada Revised Statutes 111.064(2)], and life estates. Financial accounts you hold "in trust for" a designated beneficiary and registered securities you hold "transferrable on death to" a designated beneficiary will be given to the designated beneficiary upon your death. In these situations, legal title passes the instant of death.

• Contracts: You can arrange to have money or other assets transferred to designated beneficiaries upon your death under various contracts, including life insurance, trusts, retirement benefits, annuities, partnership agreements, and stock-purchase ("buy-sell") agreements. The beneficiaries' rights spring into being at the moment of your death. This can also including living trusts, whether revocable or irrevocable.

• Probate: All of your assets which do not pass by operation of law or by contract pass through probate or intestacy proceedings. Your personal representative is called an "executor" if named in your will or "administrator" if not. "Probate" refers to the court proceeding required to transfer the assets of a decedent which do not pass directly by law or contract. To avoid probate, either (a) don't die or (b) use the non-probate forms of ownership which allow your assets to pass to your beneficiaries by operation of law or under a contract. A will does NOT alleviate the need for probate. A will may clarify and simplify probate, but it is of very limited value until it is probated.