What is the difference between legal title and equitable title?
Legal title and equitable title are two terms that are used in the context of inheritance law in the state of Alaska. Legal title encompasses the complete legal rights and ownership of a property or asset, while equitable title is the right to the benefit and enjoyment of the property, without the same legal rights as legal title. Legal title is typically held by the owner of a property, or the grantee. This gives the owner the right to possess, use, and transfer the property. It also gives them certain legal rights, such as the right to file lawsuits or to transfer title to another person. Equitable title, on the other hand, is often held by a beneficiary. This means that the beneficiary has the right to enjoy the property, but not the full legal rights associated with a legal title. For instance, a beneficiary may have the right to use a property or receive the income generated from it, but does not have the right to transfer it to another person. In Alaska, inheritance law generally recognizes both legal and equitable titles. The law of intestacy, which governs how property is distributed if there is no will, recognizes both titles. For instance, under the law of intestacy, a beneficiary may receive both legal and equitable titles to the deceased’s property, depending on the circumstances.
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