Category Archives: Terminology

Title to property held by two or more persons, in which each has an “undivided interest” in the property and all have an the right to possess the property. The percentage of interests may not be equal. There are no rights of survivorship with property held as tenants in common.

Joint ownership of title by husband and wife, in which both have the right to the entire property, and, upon the death of one, the other has full rights of survivorship. This form of ownership provides some protection from creditors.

A trust established for the benefit of a person that has restrictions upon the distribution of the trust property designed to guard against the beneficiary’s misuse or wasting of the trust assets and to generally protect the trust assets from the creditors of the beneficiary.

The giving of a gift of a specific item of personal property to a person as set forth in a will.

A trust that is designed to protect the assets of a person who is disabled. These trusts can be set up by a parent, grandparent, legal guardian or the court and are designed to provide extra funds to the disabled person without jeopardizing governmental or other public benefits that the disabled person may be receiving.

A person who creates a trust and transfers property to it. May also be known as a grantor.

The right to choose and control the burial, cremation, or other final disposition of a deceased person’s body.

A trust set up during life that can be revoked at any time before death. revocable living trusts are frequently used manner of avoiding the cost, publicity and hassle of a probate administration. Also called an “inter vivos trust.”

A trust that can be amended or revoked by its maker or Settlor.

Deed by which the grantor releases all his interest in property by passing any interest, claim, or title in the property which he has. The grantor makes no warranties or covenants of good title in a quitclaim deed.