Irrevocable Trust
A trust, created at when you are living or by your will when you die, that you cannot amend or revoke. Often, the assets in…
Category: Fifty Terms
Revocable Living Trust
A trust created while you are living. Living trusts do not protect assets because, except for probate law, the assets inside the trust are owned…
Community Property
Property owned jointly by two spouses in community property states. The community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and…
Personal Property
Property that is not real estate, i.e., land, or real property, the legal interests that attach to land, e.g., covenants, mineral rights, or easements. Personal…