Montana Code > Title 32 > Chapter 3 > Part 5 – Shares and Accounts

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}
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
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.
Lien: A claim against real or personal property in satisfaction of a debt.
Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
Property: means real and personal property. See Montana Code 1-1-205
Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
Trustee: A person or institution holding and administering property in trust.