Exam 3: A Bundle of Rights

Property that is acquired by the personal efforts of either spouse during marriage and which, by law in some states, belongs to both spouses equally is

A living trust is under the control and supervision of the probate court, and property held by such a trust is part of a decedent's probate estate.

The depositor may withdraw money from a pay-on-death (POD) account at any time during the depositor's lifetime.

An example of tangible personal property is

A testamentary disposition is a

A living trust is also know as a(n)

The legal name for an item of intangible personal property is a chose in action.

Property may be defined as

When an estate is settled, the probate court deals only with what is commonly referred to as

To determine equitable distribution of community property, courts look at

Traditionally, things such as wild animals in their natural state, air, running water, and sunlight can be the subject of ownership.

Tenancy in partnership is a form of ownership that causes property to pass outside of probate.

A life insurance policy with a named beneficiary is part of the probate estate of the decedent.

An example of intangible property is an antique watch.

Real property that is owned severally by the decedent is not part of the probate estate.

If property is leased to a tenant, the tenant has the exclusive right to possession as well as the sole right to bring a trespass action against a trespasser-even against the landlord.

Probate property typically includes the following:

The holder of a profit à prendre has the right to go on the property and extract such things as minerals or timber.

An ownership interest in property (an estate) that lasts until a named person or persons die is a(n)

In a legal sense, property consists of the various rights or interests that people have in it rather than the item itself.