Chapter 2 - The Concept of Property Related to Wills, Trusts, and Estate Admin Flashcards
Inheritance
Property that descends (passes) to an heir when an ancestor dies interstate.
Fixture
Something so attached to land as to be deemed a part of it, e.g., real property that may have once been personal property but now is permanently attached to land or buildings.
Deed
A writing signed by the grantor whereby title to real property is transferred or conveyed to the grantee.
Chattel
Generally, any item of personal property.
Chose in action
A right to bring a civil lawsuit to recover money damages or possession of personal property.
Estate
All property owned by a person while alive or at the time of death. Also called gross estate, probate estate, probate assets, or probate property.
Probate Property
Decedent’s property that is subject estate administration by the person representative.
Severalty (Tenancy in Severalty)
Ownership of property held by one person only.
Totten Trust
A bank deposit of a person’s money in the name of the account holder as trustee for another person.
Incidents of Ownership
An element or right of ownership or degree of control over a life insurance policy.
Operation of Law
Rights pass automatically to a person by the application of the established rules of law, without the act, knowledge, or cooperation of the person.
Descent and Distribution
Refers to the distribution by interstate succession statues.
Disposition
The parting with, transfer of, or conveyance of property.
Joint Tenants
Two or more persons who own or hold equal, undivided interests in property with the right of survivorship.
Right of Survivorship
Passes the decedent joint tenant’s interest in property automatically to the surviving joint tenant(s) by operation of law without the need for probate.
