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A joint tenancy or joint tenancy with right of survivorship (JTWROS) is a type of concurrent estate in which co-owners have a right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners by operation of law, and avoiding probate. The deceased owner's interest in the ...
Share transmission is a mechanism by which the title to shares is devolved other than by transfer. This is typically applicable for: devolution by death; succession; inheritance; bankruptcy; marriage; When a previous owner of shares dies and his shares are inherited by his personal representatives or heirs, this is called transmission of shares.
The term "death tax" more directly refers back to the original use of "death duties" to address the fact that death itself triggers the tax or the transfer of assets on which the tax is assessed. While the use of terms like "death duty" had been known earlier, specifically calling estate tax the "death tax" was a move that entered mainstream ...
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
As a 70-year-old single person residing in Kentucky I ask why our commonwealth does not yet have a Transfer on Death Deed law unlike 30 other states and Washington D.C. Every time I read the ...
Tenants in common (TIC) deeds may or may not be taken in equal shares, but a joint tenants with rights of survivorship (JTWROS) deed must always be taken in equal shares unless specifically and clearly indicated otherwise in the deed language. Therefore, a partition action for those two types of deeds will vary.