Instructions For Form Rev-1500 - Pennsylvania Inheritance Tax Return Resident Decedent Page 26
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27GLOSSARY
Beneficiary
Jointly-owned with Right of
Recipient of assets as a result of the death
Survivorship
A form of ownership created between
of a decedent, either by will or transfer.
two or more individuals or entities, each
Codicil
party holding title to a fractional interest.
A supplement or an addition to a will,
At the death of one of the owners, the
authenticated by the decedent.
survivor(s) assume ownership of the
decedent’s interest in the property.
Intangible Property
Property that represents a right, rather
Personal Representative
Executor of decedent’s will, or an admin-
than a physical object, such as stocks,
istrator designated by the Register of
bonds, bank accounts, promissory notes,
Wills or Orphans’ Court.
or mortgages.
Probate Assets
Inter-Vivos Transfers
All assets whose distribution is con-
A transfer of property during the life of
trolled by the decedent’s will or the PA
the owner.
intestate statute.
Intestacy
Non-Probate
The state or condition of dying without
All assets whose distribution is con-
having made a valid will.
trolled by a contract or written agreement
entered into by the decedent prior to
Jointly-owned as Tenants by the
Entireties
death.
A form of ownership created between a
Tangible Property
husband and wife and by which together
Property that can be touched or felt, a
they hold title to the whole property with
physical object.
right of survivorship. At the death of one
Testamentary
of the owners, the survivor continues to
Pertaining to a last will and testament.
hold title to the entire property.
Transferee
Jointly-owned as Tenants in Common
Person who receives something of value
A form of ownership whereby each
from the decedent by virtue of a transfer
owner holds an undivided interest in the
made prior to the decedent’s death, or by
property which, at the death of one of the
virtue of a contract or signature card
owners, passes to the deceased person’s
which provided for ownership to be
heirs, either by will or intestacy.
transferred after the date of death.
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