Term
|
Definition
| An interest or item capable of being owned, including actual outright ownership of material objects as well as a right to possess, enjoy, use, consume, or transfer something |
|
|
Term
|
Definition
| The land and anything on the land that has been permanently attached or affixed to the land. |
|
|
Term
| Tangible Personal Property |
|
Definition
| Property that has physical substance - that is, it may be touched, seen or felt. The thing itself has value (such as a house, a car, or furniture). |
|
|
Term
| Intangible Personal Property |
|
Definition
| Property with no intrinsic value in and of itself, such as stock certificates, leases, mortgages, and bonds. |
|
|
Term
|
Definition
| An interest in real property as well as personal property that is or may become possessory or ownership measured in terms of duration. |
|
|
Term
|
Definition
| An estate in which the owner is entitled to absolute ownership of property, with unconditional power to dispose of it during lifetime as well as the power to bequeath it to anyone at death. |
|
|
Term
|
Definition
| The title of the interest owned by a life tenant (income beneficiary). |
|
|
Term
| Estate for a Term of Years |
|
Definition
| A property interest established for a specific duration. |
|
|
Term
|
Definition
| A future interest that comes into existence after the termination of a prior interest. For example, Alexis (the testator) created a testamentary trust under a will in which the corpus is to be retained with income paid to Bill (the lifetime beneficiary) until Bill's death, at which time the corpus (the remainder interest) wil be given to Carl (the remainderperson). |
|
|
Term
| Indefeasibly Vested Remainder |
|
Definition
| A vested absolute right to receive property at some future time after the present interest ceases. |
|
|
Term
|
Definition
| A right to future enjoyment by the transferor of property that is now in the possession or enjoyment of another party. For example, Anthony creates a trust under which a parent, Belinda is to enjoy income for life, with the corpus of the trust to be paid over to Anthony at Belinda's death. Anthony's interest is a reversionary interest. |
|
|
Term
|
Definition
| The physical location of property. |
|
|
Term
|
Definition
| An individual's permanent home - the place to which, whenever the individual is absent, he or she has the intention of returning. |
|
|
Term
|
Definition
| The holding of property by two or more persons in such a manner that each has an undivided interest, which can be sold or gifted at any time, and upon the death of one is passed to the persons designated in the deceased tenant's will (or by intestacy) and does not pass automatically to the surviving tenants in common. |
|
|
Term
| Joint Tenancy with Right of Survivorship |
|
Definition
| The holding of property by two or more persons in such a manner that, upon the death of one, the survivor or survivors take the entire property by operation of law. |
|
|
Term
| Qualified Joint Interests |
|
Definition
| Joint tenancy interests held solely by a husband and wife. |
|
|
Term
| Nonqualified Joint Interests |
|
Definition
| Joint tenancy interests other than one held solely by a husband and wife. |
|
|
Term
|
Definition
| The holding of property by a husband and wife in such a manner that, except with the consent of each, neither husband nor wife has a disposable interest in the property during the lifetime of the other. Upon the death of either, the property goes to the survivor. |
|
|
