Michigan Real Estate Glossary
Estate - Anything valuable that someone owned prior to their death.
Estate tax - A tax placed on the net value of a someone's estate at the time of their death.
Fair market value - An asset's market price as would be agreed to by a willing seller and a willing buyer.
Intangible property - Property that represents only real value.
Joint tenancy - A form of joint ownership by 2 or more individuals in which everyone involved has an undivided, equal ownership interest that passes directly to the surviving joint tenant(s) upon the death of any joint tenant.
Probate - A court procedure used for settling the business and personal affairs of a decedent. The procedure includes proving the validity of a will, appointing an administrator if there is no valid will and transferring property to beneficiaries.
Revocable trust - After it has been established, it is a trust that be changed.
Tangible property - Property that has the capability of being touched.
Trustee - An individual that is assigned to manage property for the benefit of the beneficiary.
Undivided Interest - Owned interest in property by each of the joint tenants. Each tenant is entitled to an income share proportional to their ownership interest. Proceeds are shared based on the ownership held by each tenant if the property is sold.
Areas of Practice
