types:
hereditament
any property (real or personal or mixed) that can be inherited
intellectual property
intangible property that is the result of creativity (such as patents or trademarks or copyrights)
things
any movable possession (especially articles of clothing)
salvage
property or goods saved from damage or destruction
shareholding
a holding in the form of shares of corporations
trade-in
an item of property that is given in part payment for a new one
wealth
property that has economic utility: a monetary value or an exchange value
estate
everything you own; all of your assets (whether real property or personal property) and liabilities
heirloom
(law) any property that is considered by law or custom as inseparable from an inheritance is inherited with that inheritance
trust
something (as property) held by one party (the trustee) for the benefit of another (the beneficiary)
asset
a valuable item that someone owns
land
the land on which real estate is located
dead hand,
mortmain
real property held inalienably (as by an ecclesiastical corporation)
money
wealth reckoned in terms of money
gross estate
the total valuation of the estate's assets at the time of the person's death
net estate
the estate remaining after debts and funeral expenses and administrative expenses have been deducted from the gross estate; the estate then left to be distributed (and subject to federal and state inheritance taxes)
jointure,
legal jointure
(law) an estate secured to a prospective wife as a marriage settlement in lieu of a dower
active trust
a trust in which the trustee must perform certain duties
blind trust
a trust that enables a person to avoid possible conflict of interest by transferring assets to a fiduciary; the person establishing the trust gives up the right to information about the assets
passive trust
a trust in which the trustee performs no active duties
Clifford trust,
grantor trust
a trust established to shift the income to someone who is taxed at a lower rate than the grantor for a period of 10 years or more
direct trust,
express trust
a trust created by the free and deliberate act of the parties involved (usually on the basis of written documentation)
discretionary trust
a trust that gives the trustee discretion to pay the beneficiary as much of the trust income as the trustee believes appropriate
spendthrift trust
a trust created to maintain a beneficiary but to be secure against the beneficiary's improvidence
testamentary trust
a trust that is created under a will and that becomes active after the grantor dies
voting trust
an agreement whereby persons owning stock with voting powers retain ownership while transferring the voting rights to the trustees