MoneyU Glossary of Terms


MoneyU Glossary of Terms


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T

Tenancy By The Entireties

Very similar to joint tenancy with right of survivorship. This form of ownership can exist only between married couples. It is not available in all states. It prevents the creditors of one spouse from taking one-half of the property to settle a debt.

Tenancy In Common

Ownership by more than one person so that when one owner dies, his or her ownership share passes to the person's heirs or beneficiaries, and not automatically to other tenants. Compare to joint tenancy with right of survivorship and tenancy by the entireties.

Term Life Insurance

A life insurance policy that provides a specified benefit upon the insurance holder's death, if the death occurs within a certain specified time period.

Testamentary Trust

A trust that is established by will. Compare to living trust.

Testator

The person who writes and signs a will.

Testatrix

Feminine form of testator.

Time value of money

The relationship between time, money, and rate of return (interest), and their effect on earnings growth. The more time, money, and rate of interest, the more money yielded at the end of a period of time.

Totten Trust

A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.

Trade-off

An exchange of one thing in return for another; especially relinquishment of one benefit or advantage for another regarded as more desirable.

Transaction Date

The date a purchase is made or cash is withdrawn. Some companies assess interest from the transaction date, others from the posting date.

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