Which assets are nonprobate devices and typically pass outside the will?

• A. Joint accounts with rights of survivorship, pay-on-death accounts, retirement accounts with named beneficiaries, and property held as joint tenants.
• B. Only bank accounts.
• C. Only real estate.
• D. Only retirement accounts.

Answer: (A)

Passing assets outside the will happens when ownership or designated beneficiaries move the asset directly to someone else at death, bypassing probate. The best example set includes assets held in ways that automatically transfer to a survivor or designated beneficiary.

Joint accounts with rights of survivorship allow the surviving account holder to own the full balance immediately when one owner dies. Pay-on-death accounts name a beneficiary who receives the funds directly, not through the will. Retirement accounts with named beneficiaries pass to those individuals per the plan’s designation, outside the will’s terms. Property held as joint tenants with rights of survivorship passes to the other owner automatically upon death.

These mechanisms collectively explain why these assets don’t go through probate or get distributed by the will. Other options are too narrow because bank accounts aren’t inherently nonprobate unless they have a POD designation or are joint with survivorship; real estate can be probated if it isn’t held in a survivorship arrangement; retirement accounts are just one category among many, and the concept includes other asset types as well.