3B:9-1.
As used in this chapter:
a.A "present interest" is one to take
effect in immediate possession, use or enjoyment without the intervention of a
preceding estate or interest or without being dependent upon the happening of
any event or thing;
b.A "future interest" is one to take effect in
possession, use or enjoyment dependent upon the termination of an intervening
estate or interest or the happening of any event or thing;
c.A
"devisee" means any person designated in a will to receive a devise,
but does not mean a trustee or trust designated in a will to receive a devise;
d.The
"effective date" is the date on which a property right vests, or a
contract right arises, even though the right is subject to divestment;
e."Joint
property" is property that is owned by two or more persons with rights of
survivorship and includes a tenancy by the entirety, a joint tenancy, a joint
tenancy with rights of survivorship and a joint life estate with contingent
remainder in fee. For purposes of this chapter, joint property is deemed to
consist of a present interest and a future interest. The future interest is the
right of survivorship;
f."Joint tenant" is the co-owner of joint
property.
Amended 2004, c.132, s.63.
For
more information, go to http://njwillsprobatelaw.com/3b_9-1.html?id=2231&a=
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