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Today's Terms
Joint Tenancy
Definition:
Property owned by two or more people in a manner such that upon death of one of the joint owners, all of his/her interest in the property is transferred immediately, by operation of law, to the other surviving owners.
Will
Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Personal Property
Definition:
Movable property, including furniture, antiques, automobiles, business equipment, cash and stocks. Compare with Real Property.
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State Statutes Resource Center 