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PA 221 – Unit Two

PA 221 – Unit Two. TYPES OF PROPERTY. Cataloguing Property. Important at Beginning of Estate Planning Process Group Property into Broad Legal Categories. Main Categories. Personal Property Real Property (Estates) Freehold (**key term = fee simple) Leasehold. Concurrent Ownership.

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PA 221 – Unit Two

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  1. PA 221 – Unit Two TYPES OF PROPERTY

  2. Cataloguing Property • Important at Beginning of Estate Planning Process • Group Property into Broad Legal Categories

  3. Main Categories • Personal Property • Real Property (Estates) • Freehold (**key term = fee simple) • Leasehold

  4. Concurrent Ownership • Tenancy in Common • Joint Tenancy • Four unities • Right of survivorship • Tenancy by the Entirety • Special type of JT

  5. Concurrent (cont’d) • Community Property • Tenancy by Partnership • Survivor issue

  6. Life Estates • Basic Meaning • No Right to Transfer by Will • Transfer by Conveyance During Life • **Remainderman • Has rights – value cannot be wasted

  7. Various Interests • Mortgages • Easements • Can originate with usage or agreement • Liens • Elective Share

  8. Personal Property • EASY TO MISS!! • People have difficult time remembering pieces of personal property • Tangible • Intangible (i.e., “chose in action”) • IP • Benefits

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