Beneficiary
Party who benefits from a trust.
Four Unities of Joint Tenancy
Joint Tenancy
Form of co-ownership where the surviving co-owners acquire a deceased co-owners interest through the right of survivorship. (Joint tenants may give or sell their interest just not will them.)
Partition
Judicial action to divide a property or its sale proceeds among the co-owners.
General partnership
Form of business ownership with two or more owners all sharing the risks and returns.
Limited Partnership
Business structure with two tiers of ownership, General Partner(s) making decisions and bearing personal liability and Limited Partners who only invest and bear no further liability.
Tenancy in Common
Form of co-ownership in which each owner has an undivided fractional interest in the whole. (Unlike a joint tenancy, owners have the right to will their interest).
Right of Survivorship
The right each joint tenant has to automatically acquire a deceased joint tenant's interest upon death.
severalty
Ownership of an entire property by one person or one corporation.
Tenancy by the Entirety
Form of co-ownership reserved for married couples. Each has an equal interest and right of survivorship. Cannot be partitioned by one spouse.
Trust
Fiduciary agreement created by the trustor who conveys property to the trustee to hold and administer for the benefit of the beneficiary.
Trustor
Person who creates a trust and places assets into it.
Trustee
In a trust, the party who receives legal title to a property and carries out the trustor's instructions.