Terms Used In Washington Code > Chapter 11.18 - Liability of beneficiary of nonprobate asset

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Washington Code 11.02.005
• Grantor: The person who establishes a trust and places property into it.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
• Personal representative: includes executor, administrator, special administrator, and conservator or limited conservator and special representative. See Washington Code 11.02.005
• Probate: Proving a will
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Statute: A law passed by a legislature.