Term
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Definition
| A property interest for the life of the estate owner with certain limitations on the life tenant's use of the property. |
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Term
| estate in fee simple absolute |
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Definition
| An interest that belongs absolutely to the estate owner, the heirs, and assigns forever without condition or limitation. |
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Term
| intestate-succession statutes |
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Definition
| Each states statutory plan that clearly provides for the distribution of a decedents probate property. |
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Term
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Definition
| A legal instrument whereby a person makes disposition of his or her property to take effect after death. |
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Term
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Definition
| A supplement or addition to an existing will, to effect some revision, change, or modification of that will. A codicil must meet the same requirements regarding execution and validity as a will. |
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Term
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Definition
| The doctrine requiring that apportionment of taxes be made in the proportion that the value of the interest of each person interested in the estate bears to the total value of the interests of all persons interested in the estate. |
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Term
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Definition
| The subtle movement from a lower tax bracket to a higher one, especially as a result of inflation. |
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