FIN 440 Lecture Notes - Lecture 5: Probate Court, Usufruct, Life Estate
Document Summary
Realty (real property: land and anything permanently attached to land. Tangible property: property that can be touched is not realty (not affixed to the land and generally moveable) Intangible property: property that cannot be touched (stocks, bonds, patents, copyrights) Complete ownership of property by one person. Right to use, sell, gift, alienate, convey, or bequeath. Transfers via probate by will or intestacy law at the death of the owner. 100% of value included in owner"s gross estate. 100% of value included in owner"s probate estate. An interest in property held by two or more related or unrelated people. Each tenant holds an undivided interest in the whole: tenants do not necessarily own equal interests, interest is separated by how much each person invested. Bill and ted by property together. Each tenant"s interest can be severed without the other tenant"s consent: after severed, each owner owns their share free simple. Each tenant generally share in income and expenses.
