California Probate Code 267 – (a) “Interest” includes the whole of any property, real or …
(a) “Interest” includes the whole of any property, real or personal, legal or equitable, or any fractional part, share, or particular portion or specific assets thereof, or any estate in any such property, or any power to appoint, consume, apply, or expend property, or any other right, power, privilege, or immunity relating to property.
(b) “Interest” includes, but is not limited to, an interest created in any of the following manners:
Terms Used In California Probate Code 267
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
- Trust: includes the following:
California Probate Code 82
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
(1) By intestate succession.
(2) Under a will.
(3) Under a trust.
(4) By succession to a disclaimed interest.
(5) By virtue of an election to take against a will.
(6) By creation of a power of appointment.
(7) By exercise or nonexercise of a power of appointment.
(8) By an inter vivos gift, whether outright or in trust.
(9) By surviving the death of a depositor of a Totten trust account or P.O.D. account.
(10) Under an insurance or annuity contract.
(11) By surviving the death of another joint tenant.
(12) Under an employee benefit plan.
(13) Under an individual retirement account, annuity, or bond.
(14) Under a transfer on death beneficiary designation in a deed or other instrument.
(15) Any other interest created by a testamentary or inter vivos instrument or by operation of law.
(Amended by Stats. 2015, Ch. 293, Sec. 5. (AB 139) Effective January 1, 2016.)