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.

A secondary probate process conducted in a different state from where the deceased primarily resided, usually for handling out-of-state property.

A form of ownership between married spouses where all assets acquired during the marriage are owned equally by both.

A form of ownership where a person benefits from property even though it is legally in another’s name.

The highest and most complete form of property ownership, which includes the right to use, lease or sell the property at will.

Property that represents value but has no physical form, such as stocks, bonds, and intellectual property.

A form of co-ownership where property automatically passes to the surviving owners upon the death of one owner.

The formal, recognized right to control a property, often documented and registered.

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.

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.

Property consisting of land and anything permanently attached to it, including buildings and natural resources.

The primary place where a person lives and intends to return, often used for legal purposes such as taxation and divorce.

Ownership of property by one person or entity, without any other party’s interest.

Property that has physical form and can be touched, such as furniture, jewelry, and vehicles.

A form of joint ownership available only to married couples, providing survivorship rights and protection from creditors for one spouse’s debts.