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Estate Planning > Ch 3 > Flashcards

Ch 3 Flashcards

0
Q

Tangible personal property

A

All property that’s not reality (cars, junk in house, equipment)

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1
Q

Define: real property

A

Land and anything attached (buildings, trees, fixtures)

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2
Q

Intangible personal property

A

Not real property, and is without physical substance (stocks, bonds, patents, copyrights)

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3
Q

Fee simple ownership # of owners

A

Only 1

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4
Q

Fee simple ownership: right to transfer

A

Freely

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5
Q

Fee simple ownership: automatic survivor feature?

A

No

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6
Q

Fee simple ownership: included in gross estate?

A

Yes 100%

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7
Q

Fee simple ownership: included in the probate estate?

A

Yes 100%

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8
Q

Tenancy in common # of owners

A

2 or more

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9
Q

Tenancy in common right to transfer

A

Freely without consent of other co-tenants

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10
Q

Tenancy in common automatic survivorship feature?

A

No, transfers at death via the will or intestacy laws

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11
Q

Tenancy in common partitionable?

A

Yes with or without consent of owner

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12
Q

Joint tenancy with right of survivorship (JTWROS) #of owners

A

2 or more

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13
Q

Joint tenancy with right of survivorship (JTWROS) right to transfer

A

Freely without consent of other co-tenants

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14
Q

Joint tenancy with right of survivorship (JTWROS) automatic survivorship feature?

A

Yes, transfers at death to other owners

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15
Q

Joint tenancy with right of survivorship (JTWROS) partitionable?

A

Yes with or without consent of joint owners

16
Q

Joint tenancy with right of survivorship (JTWROS) need to be related?

A

No

17
Q

Fee simple need to be related?

A

No

18
Q

Tenancy in common need to be related?

A

No

19
Q

Tenancy by the entirety (TBE) # of owners

A

2

20
Q

Tenancy by the entirety (TBE) need to be related?

A

Yes must be married

21
Q

Tenancy by the entirety (TBE) right to transfer?

A

Need consent of other spouse

22
Q

Tenancy by the entirety (TBE) automatic survivorship feature?

A

Yes transfers to other spouse at death

23
Q

Tenancy by the entirety (TBE) partitionable?

A

Not without consent of spouse

24
Q

Community property # of owners

A

2 - spouses only

25
Q

Community property right to transfer?

A

Need consent of other spouse

26
Q

Community property automatic survivorship feature?

A

No, transfers via will or intestacy law

27
Q

Community property partitionable?

A

Not without consent of other spouse

28
Q

Community property must be related?

A

Yes- married

Estate Planning (1 decks)

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