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Cannon Trust School 1 Questions and
Correct Answers
Sole Ownership Ans: Titled in the name of one person, full rights
to property in life and death; transfers under decedent's will or
intestate estate; subject to probate.
- If individual becomes incapacitated - look for DPOA - if no DPOA,
State will appoint a guardian.
- If individual dies - look for Will - if no Will, State will determine
Intestate Succession
Joint Tenancy with Rights of Survivorship Ans: Ownership by
multiple individuals who have an undivided interest and
survivorship rights; decedent's share passes to the surviving
tenant(s) by operation of law of any will or trust; avoids probate.
Tenancy by the Entirety Ans: Form of Joint Tenancy held only
between spouses; ownership is held in the entirety so that the
interest may not be partitioned without the consent of both
parties, lending some creditor protection; avoids probate.
- Not recognized in all states
- Some states only allow the ownership in real property, not
personal
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Tenants in Common Ans: Owned by multiple individuals who each
have a separate, but undivided interest; No survivorship rights;
Share interests may be unequal; Title reflects ownership interests;
possibly subject to probate depending on decedent's share and if
its help in non-probate form of ownership.
Community Property Ans: All property that spouses acquire by
their joint efforts during their marriage; property owned before
marriage, or acquired by gift or inheritance is considered "separate
property"; states recognize pre and post marital agreements; some
added rights of survivorship; subject to probate.
"Contract" Property Ans: Property subject to contractual
beneficiary designation Life Insurance, Annuities, IRAs, Qualified
Retirement Plans
- Avoids probate
Living Trust Property Ans: Property legally titled in the name of
living (inter vivos) trust is subject to the terms of the trust
agreements; separates legal ownership of the assets from
beneficial owner; avoids probate.
-Assets must be re-titled into the trusts name
- Without property being titled in the trust name, the trust is not
funded
Real Property Ans: Refer to land, building and other fixtures on
land and various rights which go along with land or some interest
in it
© 2025 All rights reserved
Cannon Trust School 1 Questions and
Correct Answers
Sole Ownership Ans: Titled in the name of one person, full rights
to property in life and death; transfers under decedent's will or
intestate estate; subject to probate.
- If individual becomes incapacitated - look for DPOA - if no DPOA,
State will appoint a guardian.
- If individual dies - look for Will - if no Will, State will determine
Intestate Succession
Joint Tenancy with Rights of Survivorship Ans: Ownership by
multiple individuals who have an undivided interest and
survivorship rights; decedent's share passes to the surviving
tenant(s) by operation of law of any will or trust; avoids probate.
Tenancy by the Entirety Ans: Form of Joint Tenancy held only
between spouses; ownership is held in the entirety so that the
interest may not be partitioned without the consent of both
parties, lending some creditor protection; avoids probate.
- Not recognized in all states
- Some states only allow the ownership in real property, not
personal
© 2025 All rights reserved
, 2 | Page
Tenants in Common Ans: Owned by multiple individuals who each
have a separate, but undivided interest; No survivorship rights;
Share interests may be unequal; Title reflects ownership interests;
possibly subject to probate depending on decedent's share and if
its help in non-probate form of ownership.
Community Property Ans: All property that spouses acquire by
their joint efforts during their marriage; property owned before
marriage, or acquired by gift or inheritance is considered "separate
property"; states recognize pre and post marital agreements; some
added rights of survivorship; subject to probate.
"Contract" Property Ans: Property subject to contractual
beneficiary designation Life Insurance, Annuities, IRAs, Qualified
Retirement Plans
- Avoids probate
Living Trust Property Ans: Property legally titled in the name of
living (inter vivos) trust is subject to the terms of the trust
agreements; separates legal ownership of the assets from
beneficial owner; avoids probate.
-Assets must be re-titled into the trusts name
- Without property being titled in the trust name, the trust is not
funded
Real Property Ans: Refer to land, building and other fixtures on
land and various rights which go along with land or some interest
in it
© 2025 All rights reserved
