Glossary of Terms Image Map

Glossary of Terms - T

Tenants-in-Common

Ownership of property by two or more persons in which each owner has an undivided interest. At the death of an owner the interest becomes part of the estate and does not pass to co-owners.

Testamentary

The passing of property by will.

Testate

A person who dies with a will is said to die testate, while a person who dies without a will is said to die in testate.

Testator

One who makes or has made a will; one who dies leaving a will.

Transferability of Interests

This phrase refers to the ease with which ownership interests can be transferred from one owner to another, for example, as collateral.

Trust

A legal entity in which a person, called a trustee, holds title to and manages property for the benefit of another person, called a beneficiary. A trust created during the trustor's lifetime is called a living or inter vivos trust, and a trust created by a will is called a testamentary trust.

Trustee

The holder of legal title to property for the management, use, or benefit of another.

Trustor

The person who executes a deed to convey title to property or who creates a trust. Also called a creator, settlor, donor, or grantor.

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