Wills, Trusts, and Estate Administration Chapter 2.

tenancy by the entirety

A form of joint tenancy that is only available to a husband and wife.

life estate

A tenancy which allows a person to own real property for his or her life only.

Totten trust.

Bank account held "in Trust" for another.

tenancy in common

Ownership in property by two or more persons in which each owner has an undivided interest in the property without a right of survivorship.

Remainderman

Person in whom property eventually vests; the person in whom legal and equitable title merge.

severally

Property owned severally is owned solely by one person, either an individual person or an individual company and no others.

non-probate asset

Property that passes to a decedent's heirs without having to go through the probate process; property that passes by operation of law.

Remainder

The balance of an estate after all provisions of a will have been fulfilled.

deed

The document used to evidence the owner of title to real property.

Reversionary interest

The interest that the trustor holds; a remainder held by the trustor.

right of survivorship.

Upon the death of one tenant, his or her interest passes automatically to the surviving joint tenants

reversion

When the property vests again in the trustor after belonging to someone else for a period of time.

Chose in action

a form of intangible personal property. Specifically, it refers to a personal right you retain when you do not possess the property, but have a right to recover in a lawsuit.

Joint tenancy

a form of joint ownership of property by two or more persons who are called joint tenants.

Community property

a form of ownership of property between spouses.

Probate assets

all forms of property in a decedent's estate that require a probate court proceeding to distribute them to the proper beneficiaries or heirs.

Separate property

all property acquired prior to marriage or acquired during marriage by gift, will, inheritance, or other means classified as separate by state statute.

Personal property

all remaining property that is not realty; that is, not land, permanently affixed structures, or fixtures.

fee simple estate

also called a fee simple absolute or an estate in fee, is the biggest estate a person can hold.

Real Property

also known as realty or real estate, is any type of property that is immovable, fixed, or permanent

intangible personal property

cannot be physicallyt touched.

tangible personal property

is substantive. It can be touched and is movable.

Fixtures

objects that were once personal property but have become permanently attached to land or buildings. Once personal property becomes a fixture, it changes its character and becomes real property.

tenancy for years

the time in which the tenant will hold the property is specifically designated

Joint ownership

when two or more persons own property concurrently; that is, at the same time.

four unities of title

• Time • Title • Interest • Possession