Certain property is not included in a decedent's general estate, but passes outside the estate and the laws of succession do not apply to such property. For instance, jointly owned property with the right of survivorship passes to the other joint tenant(s). Likewise, death proceeds from a life insurance policy, annuity, or other financial product that includes a beneficiary designation also pass to the named beneficiary.

Further, the principal within an inter vivos or living trust (i.e., one created by the decedent during his or her lifetime) does not pass under succession laws, but according to the terms of the trust.

Copyright ONFS. Taken from ESTATEPLANNING PowerPoint Presentation, downloadable through ON-Net.

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