- The right of an individual to secure ownership by reason of his or her outliving someone with whom he or she has shared undivided interest in the land.
takeover, surviving co-owner, survivor, common interest
Related Terms and Acronyms
- Annuity — Definition,
- A regular periodic payment made by an insurance company to a policyholder for a specified period of time.
- A financial instrument that disperses a number of payments over a set period of time.
- Death Benefit (DB) — Acronym, Very Important,
➥ An amount paid to a beneficiary in a life linsurance policy.
- A payment or series of payments made to the beneficiaries of a life insurance policy.
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Executor — Definition,
- The person who manages the estate of a deceased individual.
- Fiduciary — Definition,
- An individual, company, or association that manages assets for another party. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy, and those responsible for managing the finances of a minor.
- Informal Trust — Definition,
- Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.
- Joint and Survivor Annuity — Definition,
- An annuity with multiple annuitants (usually spouses) that makes payments as long as either of the annuitants are alive.
- Joint Tenancy — Definition,
- When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
- Life Insurance — Definition, Very Important,
➥ CanEquity offers life insurance.
- An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
- Power of Attorney (PA, POA) — Acronym,
- A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
- Probate — Definition,
- The process of deciding the validity of a deceased person's will and appointing an executor.
- Second-To-Die Insurance — Definition,
- Life insurance that only pays a death benefit when both spouses have died, commonly used in estate planning.
- Tenancy by the Entirety (TBE) — Acronym,
- An arrangement where spouses have an undivided interest in a property. If a spouse dies, the other retains ownership.
- Tenancy in Common — Definition,
- Ownership by two or more people in which each person owns an undivided interest in the entire property and all have equal rights to use the property. When one tenant in common dies, that person's interest may be sold, mortgaged or transferred to another in a will.
- Trust — Definition,
- A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.