Intangible property Property that only represents real value such as bonds, stock certificates, promissory notes, certificates of deposit, bank accounts, contracts, leases, and other similar items. The distribution of property to heirs according to the statutes of the State of Nebraska upon the death of a person who owned the property but did not leave a valid will. A trust that cannot be changed after it is established. Real estate held in joint tenancy does not pass through probate following the death of a person with ownership interest. Personal property such as machinery or livestock held in joint tenancy does not pass through probate if the right of survivorship is stated in the title to the property.
Any joint tenant can petition the court and compel partition of a joint tenancy asset.
Lateral succession Succession in property ownership in which the property is transferred between members of the same generation. Letters of Administration Document issued by the probate court giving the administrator authority to administer the estate. Letters Testamentary Document issued by the probate court giving the executor authority to administer the estate under the provisions of the decedent's will. A trust established during the lifetime of the grantor. The judicial separation of the respective interests in property of joint owners or tenants in common so each may take possession, enjoy, and control his or her share of the property.