How does property transfer after death?

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Video Transcript

Property can transfer after death in several ways.

One way is by operation of law and an example is owning something jointly with somebody. When the first owner dies the the second owner is the sole owner of the property.

Another way would be by contract, for example a beneficiary designation set up with a financial institution. That directs the financial institution to pay the asset directly to the beneficiary upon death.

Another way to transfer assets after death would be by probate. This would be if something is held in the descendants individual name. It must go through the probate court for the asset to be transferred to the intended beneficiaries.

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