REIPRIME Logo
Intermediate1.5 hours11 terms

Estate Planning Key Terms for Investors

This curated collection offers key terms that might be helpful when exploring estate planning for your real estate investments. It provides clear explanations of commonly referenced concepts, serving as a quick reference to understand the terminology you may encounter. Focus on supporting your learning journey, not providing complete legal education.

Term Collection

1

Beneficiary

A beneficiary is an individual, group, or entity designated to receive assets, property, or benefits from a will, trust, life insurance policy, or other legal instrument.

Intermediate14-15 min
2

Stepped-Up Basis

Stepped-up basis is a tax provision that allows the cost basis of an inherited asset, such as real estate, to be adjusted to its fair market value on the date of the decedent's death, significantly reducing or eliminating capital gains tax for the heir upon sale.

Advanced8 min
3

Executor

An executor is the individual or institution named in a will to manage the deceased's estate, pay debts, and distribute assets, including real estate, to beneficiaries.

Intermediate12-13 min
4

Will

A Will is a legally binding document that specifies how an individual's assets, including real estate, should be distributed after their death, and designates an executor to manage the estate.

Intermediate13-14 min
5

Real Estate Trust

A real estate trust is a legal arrangement where a property owner transfers title to a trustee, who holds and manages the property for the benefit of designated beneficiaries, offering advantages like privacy, asset protection, and streamlined estate planning.

Intermediate15-18 min
6

Limited Liability Company

A Limited Liability Company (LLC) is a business structure that protects its owners' personal assets from business debts and liabilities, while offering flexible taxation options.

Intermediate13-14 min
7

Successor Trustee

A successor trustee is an individual or entity designated in a trust agreement to assume the management and distribution of trust assets upon the death, resignation, or incapacity of the initial trustee.

Intermediate2 min
8

Probate

Probate is the legal process of proving a will's validity, settling a deceased person's estate, and distributing assets to heirs or beneficiaries under court supervision. It ensures proper asset transfer and debt settlement.

Intermediate15-18 min
9

Trustee

A trustee is an individual or entity legally entrusted with managing assets or property for the benefit of another party (the beneficiary) under the terms of a trust agreement, upholding strict fiduciary duties.

Intermediate13-14 min
10

Joint Tenancy with Right of Survivorship

Joint Tenancy with Right of Survivorship (JTWROS) is a form of property co-ownership where two or more individuals hold equal, undivided interests, and upon the death of one owner, their share automatically transfers to the surviving owner(s) without probate.

Intermediate15-18 min
11

Estate Planning

Estate planning is the process of arranging for the management and disposal of a person's assets, including real estate, during their life and after death, to minimize taxes and ensure wishes are met.

Intermediate15-18 min

Common Questions