Intestate succession is the process by which property is distributed when a person dies without a will. It is not a tool used to transfer ownership of real estate during life.

In a joint tenancy, the co-owners own the property jointly and severally, meaning that each co-owner has an equal right to possess the entire property and is liable for the entire mortgage or other debts associated with the property.

A revocable living trust does not protect the property from creditors. Creditors can still make claims against the property if the grantor of the trust is personally liable for debts.

A quitclaim deed is commonly used in estate planning to transfer ownership of real estate to a beneficiary without creating a joint tenancy or life estate.

Personal property included with the sale of real estate is not typically considered when determining the value of the real estate for estate tax purposes.

Probate is the legal process of distributing a deceased person's assets according to their will or, if they died intestate, according to the laws of the state.

Selling appreciated assets before death is not a common estate planning strategy used to reduce estate taxes. In fact, it can actually increase estate taxes by triggering capital gains tax.

A power of sale is a provision in a will that allows the executor to sell real estate without having to obtain court approval.

An executor's deed is not a type of deed that can be used to transfer ownership of real estate. It is a document that is used to transfer ownership of real estate from an estate to a beneficiary.

A life estate is a provision in a will that gives a person the right to live in a property for their lifetime, even if they do not own the property.

Private REITs are not a common type of real estate investment trust. They are typically only available to accredited investors.

A remainder interest is a provision in a will that gives a person the right to receive the remaining assets of an estate after all other bequests and expenses have been paid.

Industrial property is not a common type of real estate investment property. It is typically used for manufacturing or warehousing purposes.

A contingent interest is a provision in a will that gives a person the right to receive the assets of an estate if a primary beneficiary dies before receiving them.

A reverse mortgage is not a common type of real estate financing. It is a loan that allows homeowners to borrow against the equity in their home without having to make monthly payments.