PART 6—KEY TERMS

Define the following:

fee simple ownership

life estate

term interest

future interest

tenancy in common

joint tenancy with right of survivorship

tenancy by the entireties

community property

beneficial interest in property

general power of appointment

special power of appointment

power of attorney

living (inter vivos) trust

testamentary trust

durable power of attorney

living will

probate estate

intestacy

Totten trust

gross estate

generation-skipping transfer tax

inheritance tax

credit estate tax

UGMA/UTMA gifts

Sec. 2503(b) trust

Sec. 2503(c) trust

estate trust

power of appointment trust

QTIP marital-deduction trust

AB trust arrangement

charitable remainder trust

charitable lead trust

revocable life insurance trust

irrevocable life insurance trust