cpcu 556 ch 13

Real estate, buildings, objects or articles, intangible assets, or rights with exchangeable value for which someone may claim legal ownership

Land and anything that is permanently attached to, embedded in, or growing on then land

All property that is not real property

Property that has physical substance ie car

Property that does not have physical substance ie bank deposit or cd

property ownership characterized by the action that if one of the joint owners dies, all ownership in the property passes automatically to the other joint owner

property ownership in which property is held jointly by a husband and wife, similar to a joint tenancy, but it can exist only between a husband and wife

property ownership in which the tenants in common lack the right of survivorship

Fractional interest discounts applied by some tax practitioners for lack of control and lack of marketability on the part of one tenant in common

The property that is acquired during marriage and is owned one half by each spouse according to the Uniform Marital Property Act

property owned by a husband or wife at time of marriage became dociled in a community property state

property aquired by either spouse durring marriage while domiciled in a community property or marital property state each spouse has a undivided one half interest in the community property

property interest that entitles the holder to the income from or the use of all or a portion of the property for their lifetime

property interest that entitles the holder to the income from or the use of all or a portion of the property for a term of years

property interest that entitles the remainder person to the property itself after a life interest or term interest has ended

The creator of a trust

interest that exists when the holder has a present and immediate right to the use, possession, or enjoyment of the property

property interest that exists when the right to use or enjoy the property is postponed to some future time or in the control of someone other than the holder

A power givien to a person that enables them to designate who is to get property that is subject to the power

A power given to a person that enables them to designate who is to receive property that is subject to the power

power to appoint property to the person having the power, the donee's estate, the donee's creditors, or creditors of the donee's estate, similar to owning the property

powers that allow donees to appoint property only to certain persons who are not the donees themselves, their estates, their creditors, or the creditors of their estate

right of a surviving spouse to elect their statutory elective share of a deceased spouse's estate, thus electing against any will that the deceased spouse may have executed that was designed to deprive the surviving spouse of the spouses statutory elective share of the estate under state law

Statutes adopted by state tyo apply to marital property in the event of a divorce, a court can divide property between the parties in an equitable manner according to factors specified in state domestic relation law, regardless of how title to the property is held

property that is handled and distributed by the personal representative upon a person's death

assets that will go to one's heirs after payment of the cost of dying

the legal condition of a person who dies without having made a valid will

the legal condition of having a legally valid will

a legally enforceable declaration of what an individual wishes done with respect to his or his probate property as well as other instructions related to his or her death

fiduciary arrangement established by someone, whereby a person, corporation, or organization, called the trustee, hasw legal title to the property placed in the trust by the grantor. The trustee holds and manages this property for the beneficiary of the trust

An arrangement created under an individual's will, it does not become effective until grantor's death and its terms are part of the grantor's will

Living trust whose corpus consits partly or wholly of life insurance policies during the insured's lifetime and life insurance proceeds after the insured's death

living trust created by a grantor who reserves the right to revoke or amend the trust

A form of living trust created by a grantor who does not reserve the right to revoke or alter it

A trust created by two or more persons

provision designed to protect beneficiaries from their creditors by prohibiting the beneficiaries from alienating, assigning, or encumbering trust assets

the state or country where a trust is located