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22 Cards in this Set
- Front
- Back
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Inheritance |
At death the decedents estate is probated |
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probate |
Court proceeding that validates the will. totals the assets of the deceased and gives it to the heirs |
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Testate |
decedent dies with a will |
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testator |
person who makes a will |
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Intestate |
decedent dies with NO will property passes to heirs according to law |
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executor.executrix |
person named in a will to carry out its provisions |
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administratro/administratrix |
person appointed by court when no executor is available |
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types of will |
Standard Holographic (handwritten by testator) nuncupative (oral) |
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types of inheritance |
devise: transfer or real prop through a will descent: transfer of real prop from person who dies intestate bequest: a gift of personal property through a will |
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Involuntary alienation |
forced transferred by: eminent domain adveerse possession foreclosure proceedings |
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Voluntary alienation |
transferred by gift or deed |
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severalty ownership |
is ownership by one person natural or corporations at death decedents estate passes to their heirs through probate |
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joint tenancy |
Shared ownership by two or more w rights of survivorship 4 unities must be present: TIME-interest at same time Title-same deed interest-hold equal, undivided interest possession-can possess property fully |
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Automatic right of suvivorship |
at death of one joint tenants, the interest passes to surviving tenant automatically and immediately without probate |
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Tenancy in common |
a person who has interest in becoming a tenant |
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community property |
Property acquired by husband and wife during marriage |
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community property with rights of survivorship |
allows husband and wife to hold property as community property while living but at death of either spouse the deceased spouse interest passes to surviving spouse automatically without probate |
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tenancy in common |
co ownership by two or more persons w NO right of survivorship |
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suit for partition |
legal action used to terminate tenancy in common or joint tenancy |
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tenancy by the entireties |
ownership interested between husband and wife only with the right of survivorship does not exist in AZ |
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condominium |
individual fee simple ownership of a unit plus shared ownership of common areas (pool stairs, parking, land) owner receives deed for unti pays prop taxes
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cooperative |
corporation hold title to the building and the unit buyers purchases shares in the corp. stockholder receives long term proprietary lease for an apartment -no deed when uni owner sells, he sells stock and interest -one tax statement for entire cooperative |
