G.54 Property titling and beneficiary designations Flashcards
A legal principle determining the share each co-owner has in a property based on their direct financial contributions towards its acquisition.
Think about dividing ownership based on money paid.
Actual Contribution Rule
G.54 Property titling and beneficiary designations
A secondary probate process conducted in a different state from where the deceased primarily resided, usually for handling out-of-state property.
Probate away from home.
Ancillary Probate
G.54 Property titling and beneficiary designations
A form of ownership between married spouses where all assets acquired during the marriage are owned equally by both.
Marriage equality in asset ownership.
Community Property
G.54 Property titling and beneficiary designations
A form of ownership where a person benefits from property even though it is legally in another’s name.
Benefits without being on the deed.
Equitable Ownership
G.54 Property titling and beneficiary designations
The highest and most complete form of property ownership, which includes the right to use, lease or sell the property at will.
Total control over property.
Fee Simple Ownership
G.54 Property titling and beneficiary designations
Property that represents value but has no physical form, such as stocks, bonds, and intellectual property.
Ownership without physical presence.
Intangible Personal Property
G.54 Property titling and beneficiary designations
A form of co-ownership where property automatically passes to the surviving owners upon the death of one owner.
Ownership that bypasses the will.
Joint Tenancy With Rights of Survivorship (JTWROS)
G.54 Property titling and beneficiary designations
The formal, recognized right to control a property, often documented and registered.
Ownership by the law’s recognition.
Legal Ownership
G.54 Property titling and beneficiary designations
A form of property ownership where one has the right to use, enjoy, and benefit from a property during their lifetime, but cannot bequeath it.
Ownership for a lifetime only.
Life Estate
G.54 Property titling and beneficiary designations
Property acquired while living in a non-community property state that would be considered community property if the couple were living in a community property state.
Like community property, but interstate.
Quasi-Community Property
G.54 Property titling and beneficiary designations
Property consisting of land and anything permanently attached to it, including buildings and natural resources.
Land and its attachments.
Real Property
G.54 Property titling and beneficiary designations
The primary place where a person lives and intends to return, often used for legal purposes such as taxation and divorce.
Home base for legal matters
Residence Domiciliary
G.54 Property titling and beneficiary designations
Ownership of property by one person or entity, without any other party’s interest.
Ownership by an individual, no sharing.
Sole Ownership
G.54 Property titling and beneficiary designations
Property that has physical form and can be touched, such as furniture, jewelry, and vehicles.
Physical and moveable possessions.
Tangible Personal Property
G.54 Property titling and beneficiary designations
A form of joint ownership available only to married couples, providing survivorship rights and protection from creditors for one spouse’s debts.
Marital joint ownership with legal protections.
Tenancy by the Entirety
G.54 Property titling and beneficiary designations
