Inheritance

Property that descends (passes) to an heir when an ancestor dies intestate.

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.

Ethical Issue

Personal Property

You must learn to distinguish the different types of property and be sure to verify your classification with your supervising attorney.

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 (estate)

Decedent's property that is subject to estate administration by the personal 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 intestate succession statutes.

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.

Straw Man

A person used to create a joint tenancyof real property between the existing owner of the property and one or more other persons.

Undivided Interest

A right to an undivided portion of property that is owned by one of two or more joint tenants or tenants in common before the property is divided (partitioned).

Severance

The destruction of a joint tenancy by one of the joint tenants transferring while alive his interest in real property to another person by deed, thereby creating a tenancy in common with the new owner and the other remaining joint tenant(s).

Ethical Issue

Advantages and Disadvantages of Joint Tenancy

When you discuss advantages and disadvantages of joint tenancy with a client, you must be careful not to attempt to respond to questions that seek legal advice or interpretations. All questions must be referred to your supervising attorney.

Partition

The division of real property held by joint tenants or tenants in common into seperate portions so that the individuals may hold the property in severalty, i.e., in single ownership.

Tenancy by the Entirety

A form of joint tenancy available only to a husband and wife; it also has the right of survivorship.

Community Property

Seperate Property

Property that the husband or wife owned prior to their marriage or acquired during marriage by gift, will, or inheritance.

Garnish

Make a claim against.

Garnishment

Commingling

Combining community and seperate property, e.g., into the same account or by using both to acquire a different item of property.

Quasi-Community Property

Property that is acquired in a common law state and then moved into a community property state or that is owned by spouses who have moved into a community property state.

Ethical Issue

Quasi-Community Property

When your clients are spouses seeking your assistance, you must not forget to inquire about their state residences throughout their marriage.

Freehold Estate

An estate in real property of uncertain duration. Examples include free simple and life estates.

Fee Simple Estate

An estate in real property that is the largest, best, and most extensive estate possible. Also known as a fee simple absolute, an estate in fee, or simply a fee.

Life Estate

A freehold estate in which a person, called the life tenant, holds an interest in real property during his own or someone else's lifetime.

Life Tenant

The person holding a life estate.

Pur Autre Vie

An estate lasting for the life of a person other than the life tenant.

Reversion or Reversionary Interest

Grantor

The person who makes a conveyance (transfer) of real or personal property to another.

Grantee

The person to whom a conveyance of real or personal property is made.

Remainder

A future estate in real property that takes effect on the termination of a prior estate created by the same instrument at the same time.

Remainderman

A person entitled to the future fee simple estate after a particular small estate, e.g.; a life estate, has expired.

Dower

At common law, the right of the surviving wife to a life estate in one-third of all real property her husband owned during the marriage.

Curtesy

The right of the surviving husband to a life estate in all of his wife's real property owned during marriage, but only if the married couple has a child born alive.

Waste

Any act or omission that does not permanent damage to real property or unreasonably changes its character or value.

Leasehold Estate

An estate in real property held under a lease.