Probate and Estate Planning Glossary: Terms To Know Pt. 5

10 more terms to know when discussing or researching Estate Planning or Probate Administration:

1. Permissive waste: The failure to maintain property in a reasonable state of repair, which can result in liability to the estate.

2. Real property: Land and everything permanently attached to it, such as buildings, trees, and minerals.

3. Personal property: All property that is not real property, such as money, jewelry, and furniture.

4. Joint tenancy: A form of property ownership in which two or more persons have equal rights to the property and the right of survivorship.

5. Tenancy by the entirety: A form of joint tenancy that is available only to married couples and includes the right of survivorship.

6. Tenancy in common: A form of property ownership in which two or more persons have an undivided interest in the property and no right of survivorship.

7. Community property: A form of property ownership in which property acquired during marriage is owned equally by both spouses.

8. In terrorem clause: A provision in a will that threatens to disinherit a beneficiary who contests the validity of the will.

9. Living trust agreement: A legal document that establishes a living trust and specifies its terms.

10. Trust protector: A person or entity designated in a trust agreement to oversee the trustee's actions and protect the interests of the beneficiaries.