Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

• Taking against the will: choice by surviving spouse to receive his or her statutory share of an estate rather than what has been provided for him or her in the will. See dower and curtesy.
  
  
• Taxable estate: that part of an estate which is subject to federal or state estate taxes.
  
  
• Tenancy by the entirety: form of marital property ownership with a right of survivorship between the spouses. See also joint tenancy.
  
  
• Tenancy in common: form of joint ownership which provides that if one joint owner dies, his or her share becomes part of his or her estate rather than automatically becoming the property of the other joint tenants. See also joint tenancy and tenancy by the entirety.
  
  
• Testamentary trust: trust created by a will.
  
  
• Testate: someone who dies and leaves a valid will or estate planning device in place.
  
  
• Testator: person making a will
  
  
• Title: document which proves ownership of property.
  
  
• Transfer on Death: designation of ownership of property which provides for a direct transfer to the named person upon the death of the owner.
  
  
• Trust*: legal document which designates one person or institution (trustee) to control property given by another person (trustor) for the benefit of a 3rd party (beneficiary). The property included in a trust is called the principal of the trust.
  
  
• Trust*: a property interest held by one person for the benefit of another
  
  
• Trust corpus, trust res: property inside of a trust.
  
  
• Trust merger: trust which automatically is terminated when there is one sole beneficiary left and that person is also the sole remaining trustee.
  
  
• Trustee: person(s) or legal entity which manages a trust and trust property according to the terms of a trust.
  
  
• Trustee powers: provisions in a trust which define what a trustee may or may not do and what the trustee controls. Generally includes the ability to choose investments for property, for example.