New Jersey § 3b:9-1

§ 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 .