Select a Letter:

A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  U  V  W

X  Y  Z

...........................................................................................................................................


A


A-B TRUST:
  Also called a “marital life estate” is a trust designed to help couples with combined assets over $600,000 save money on estate taxes. A bypass trust allows each member of a couple to use the $600,000 estate tax exemption.

AFFIDAVIT:  A written statement made under oath.

AGE OF MAJORITY:
  The age when a person acquires all the rights and responsibilities of being an adult. In most states, the age is 18.

ALIMONY:  Also called maintenance or spousal support. In a divorce or separation, the money paid by one spouse to the other in order to fulfill the financial obligation that comes with marriage.
 
ASSIGNMENT:  The transfer of legal rights, such as the time left on a lease, from one person to another.

                                                         I Back to Top I
..........................................................................................................................................

B


BANKRUPTCY:  Insolvency; a process governed by federal law to help when people cannot or will not pay their debts.

BENEFICIARY:  Person named in a will or insurance policy to receive money or property; person who receives benefits from a trust.

BUY-SELL AGREEMENT:
 An agreement among business partners that specifies how shares in the business are to be transferred in the case of a co-owner's death.
 
BYPASS TRUST:  Also called a marital life estate or an A-B trust. A trust designed to help couples with combined assets over $600,000 save money on estate taxes. A bypass trust allows each member of a couple to use the $600,000 estate tax exemption.

                                                         I Back to Top I
..........................................................................................................................................

C


CAPITAL GAIN:  The profit made from the sale of a capital asset, such as real estate, a house, jewelry or stocks and bonds.

CAPITAL LOSS:  The loss that results from the sale of a capital asset, such as real estate, a house, jewelry or stocks and bonds. (Also the loss that results from an unpaid, non-business (personal) loan.)

CHAPTER 7 BANKRUPTCY:  A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeds are distributed to the creditors.
 
CHAPTER 13 BANKRUPTCY:  A type of bankruptcy in which a person keeps his assets and pays creditors according to an approved plan.

CHILDREN'S TRUST:  A trust set up as part of a will or outside of a will to provide funds for a child.

CODICIL:  A supplement to a will.

COHABITATION AGREEMENT:  Also called a living-together contract.  A document that spells out the terms of a relationship and often addresses financial issues and how property will be divided if the relationship ends.

COLLATERAL:  An asset that a borrower agrees to give up if he or she fails to repay a loan.

COMMON-LAW MARRIAGE:  In some states, a couple is considered married if they meet certain requirements, such as living together as husband and wife for a specific length of time. Such a couple has all the rights and obligations of a traditionally married couple.

COMMUNITY PROPERTY:  Property acquired by a couple during their marriage. Refers to the system in some states for dividing the couple's property in a divorce or upon the death of one spouse. In this system, everything a husband and wife acquire once they are married is owned equally (fifty-fifty) by both of them, regardless of who provided the money to purchase the asset or whose name the asset is held in.

CONSERVATOR:  Person appointed to manage the property and finances of another. Sometimes called a guardian.

CONSIDERATION:  Something of value that is given in exchange for getting something from another person.

CONTRACT:  An agreement between two or more parties in which an offer is made and accepted, and each party benefits. The agreement can be formal, informal, written, oral or just plain understood. Some contracts are required to be in writing in order to be enforced.

CREDITOR:  A person (or institution) to whom money is owed.
 
CUSTODIAN:  Under the Uniform Transfers to Minors Act, the person appointed to manage and dispense funds for a child without constricting court supervision and accounting requirements.

CUSTODIAN OF THE WILL:   The person who has the Will when the person who wrote the Will dies.

                                                         I Back to Top I
..........................................................................................................................................

D


DEBTOR:  Person who owes money.

DEED:  A written legal document that describes a piece of property and outlines its boundaries. The seller of a property transfers ownership by delivering the deed to the buyer in exchange for an agreed upon sum of money.
 
DEFAULT:  The failure to fulfill a legal obligation, such as neglecting to pay back a loan on schedule.

DEFINED CONTRIBUTION PLAN:  Also called an individual account plan.  A type of retirement plan in which the employer pays a specified amount of money each year, which is then divided among the individual accounts of each participating employee. Profit-sharing, employee stock ownership and 401(k) plans are all defined contribution plans.

DISBURSEMENTS:  Legal expenses that a lawyer passes on to a client, such as for photocopying, overnight mail and messenger services.
 
DOCKET NUMBER:
  Number designation assigned to each case filed in a particular court.

                                                         I Back to Top I
..........................................................................................................................................

E

EASEMENT:  Gives one party the right to go onto another party's property. Utilities often get easements that allow them to run pipes or phone lines beneath private property.

ELECTIVE SHARE:  Refers to probate laws that allow a spouse to take a certain portion of an estate when the other spouse dies, regardless of what was written in the spouse's will.

EMANCIPATION:  When a minor has achieved independence from his or her parents, often by getting married before reaching age 18 or by becoming fully self-supporting.
 
ENCUMBRANCE: Any claim or restriction on a property's title.
 
EQUITABLE DISTRIBUTION:  In a divorce, one of the ways in which property is divided. In states with equitable distribution systems, property acquired during a marriage is jointly owned by both spouses. Equitable distribution does not necessarily mean equal distribution, and ownership does not automatically split fifty-fifty. Rather, the distribution must be fair and just (equitable).

ESCROW:  Money or documents, such as a deed or title, held by a third party until the conditions of an agreement are met. For instance, pending the completion of a real estate transaction, the deed to the property will be held "in escrow."

ESCROW ACCOUNT:  A special account in which a lawyer or escrow agent deposits money or documents that do not belong to him or his firm.

ESTATE:  All the property a person owns.

EXECUTOR:  Person named in a will to oversee and manage an estate.
 
EX PARTE:  Latin that means "by or for one party." Refers to situations in which only one party (and not the adversary) appears before a judge.  Such meetings are often forbidden.  

                                                         I Back to Top I
..........................................................................................................................................

F

FIDUCIARY DUTY:  An obligation to act in the best interest of another party. For instance, a corporation's board member has a fiduciary duty to the shareholders, a trustee has a fiduciary duty to the trust's beneficiaries, and an attorney has a fiduciary duty to a client.

FORECLOSURE:  When a borrower cannot repay a loan and the lender seeks to sell the property.

                                                         I Back to Top I
..........................................................................................................................................

G

GRANTOR:  The person who sets up a trust.

GUARDIAN:  Person assigned by the court to take care of minor children or incompetent adults.  Sometimes called a conservator.

GUARDIAN AD LITEM:  Latin for "guardian at law." The person appointed by the court to look out for the best interests of the child during the course of legal proceedings.

                                                        I Back to Top I
..........................................................................................................................................

H

HEALTH CARE PROXY:  Someone designated to make a broad range of decisions for a person who is not able to give informed consent.

HEIRS:  Persons who are entitled by law to inherit the property of the deceased if there is no will specifying how it's divided.

HOLOGRAPHIC WILL:  An unwitnessed handwritten will. A few states allow such documents to be admitted to probate, but most courts are very reluctant to accept them.

                                                       I Back to Top I
..........................................................................................................................................

I

INTESTATE: When someone dies without a will.

INTESTATE SUCCESSION: The order of who inherits the property when someone dies without a Will.

IRREVOCABLE LIVING TRUST: A trust created during the maker's lifetime that does not allow the maker to change it.


                                                       I Back to Top I
..........................................................................................................................................

J

JOINT AND SURVIVOR ANNUITY: A form of pension fund payment in which the retired participant gets a check every month. If and when the participant dies, the spouse continues to get a monthly check equal to one-half of the benefit for the rest of his or her life.

JOINT PROPERTY:  Sometimes called joint tenancy.  Property that names a co-owner on its deed or title.  Co-owners retain ownership of the property upon the death of a co-owner.  A co-owner in a joint property arrangement cannot give away his or her share of the property.


                                                       I Back to Top I
..........................................................................................................................................

K - NoPosting
..........................................................................................................................................

L

LEGATEE, or DEVISEE:   Also known as a beneficiary.  Person named in a will to receive property.

LIEN:  A claim against someone's property. A lien is instituted in order to secure payment from the property owner in the event that the property is sold. A mortgage is a common lien.

LIVING-TOGETHER CONTRACT:  See cohabitation agreement.

LIVING TRUST:  A trust created during the maker's lifetime. Some living trusts are set up so that they can be changed during the maker's lifetime. These are called "revocable." Others, known as "irrevocable," are set up so that they can't be touched.

LIVING WILL:  A written document that states a person's wishes regarding life-support or other medical treatment in certain circumstances, usually when death is imminent.

                                                       I Back to Top I
..........................................................................................................................................

M

MAINTENANCE:  In a divorce or separation, the money paid by one spouse to the other in order to fulfill the financial obligation that comes with marriage.

MINOR:  A person who does not have the legal rights of an adult. A minor is usually defined as someone who has not yet reached the age of majority. In most states, a person reaches majority and acquires all of the rights and responsibilities of an adult when he or she turns 18.


                                                       I Back to Top I
..........................................................................................................................................

N

NOTARY PUBLIC:  A person authorized to witness the signing of documents.

..........................................................................................................................................

O - No Posting.
..........................................................................................................................................

P

PENSION PLAN:  An employer's program for providing retirement income to eligible employees.

PERSONAL PROPERTY:  Smaller items owned by a person like cash, stocks, jewelry, clothing, furniture, boats or cars.

PERSONAL REPRESENTATIVE:  (also known as the administrator or executor) The person in charge of overseeing the distribution of the estate. Additionally, the Personal Representitive manages the legal affairs of the estate and is often granted power of attorney for the deceased.

PETITION FOR PROBATE:  The document that summarizes a will's provisions and names the heirs.

POWER OF ATTORNEY:  The authority to act legally for another person.

PROBATE:   The legal process which decides how,, where and to whom the decedent's property is distributed.

PROBATE ESTATE:   Property passing from a decendent's estate by his or her will or as directed by State intestate succession law.

PROMISSORY NOTE:  A written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms.

PROPERTY GUARDIAN:  Person appointed to oversee property left to a minor in a will.  Distinguished from a personal guardian.

                                                       I Back to Top I
..........................................................................................................................................

Q

QUITCLAIM DEED:  A deed that transfers the owner's interest to a buyer but does not guarantee that there are no other claims against the property.

                                                       I Back to Top I
..........................................................................................................................................

R

REAL PROPERTY:  Land and all the things that are attached to it (homes, offices, buildings, etc.). Anything that is not real property is personal property. Personal property is anything that isn't nailed down, dug into or built onto the land. For example: A house is real property, but a dining room set is not.

RESIDUARY ESTATE:  Also known as residue of the estate. Portion of the estate left after bequests of specific items of property are made. Often the largest portion.

RESIDUARY LEGATEE:  The person or persons named in a will to receive any residue left in an estate after the bequests of specific items are made.

RETAINER:  Refers to the up front payment a client gives a lawyer to accept a case. The client is paying to "retain" the lawyer's services.

RETAINING LIEN:  Gives a lawyer the right to hold on to your money or property (such as a deed) until you pay the bill.

REVOCABLE LIVING TRUST:  A trust created during the maker's lifetime that can be changed. Allows the creator to pass assets on to chosen beneficiaries without going through probate.

RIGHT OF SURVIVORSHIP:  In a joint-tenancy, the property automatically goes to the co-owners if one of the co-owners dies. A co-owner in a joint tenancy cannot give away his or her share of the property.

                                                       I Back to Top I
..........................................................................................................................................

S

SECURITY AGREEMENT:  A contract between a lender and borrower that states that the lender can repossess the property a person has offered as collateral if the loan is not paid as agreed.

SELF-PROVING WILL:  A will accompanied by a sworn statement from witnesses and signed before a notary public. Many states accept such wills in order to avoid the cumbersome process of requiring an executor to track down the witnesses.

SINGLE LIFE ANNUITY:  A form of pension plan payment in which the retired person receives a monthly check from the time of retirement until death.

SPENDTHRIFT TRUST:  A trust designed to keep money out of the hands of creditors, often established to protect someone who is incapable of managing his or her financial affairs.

SPOUSAL RIGHT:  The entitlement of one spouse to inherit property from the other spouse. The right varies from state to state.

SPOUSAL SUPPORT:  See alimony.

                                                       I Back to Top I
..........................................................................................................................................

T

TANGIBLE PERSONAL PROPERTY:  Anything other than real estate or money, including furniture, cars, jewelry and china.

TENANCY IN COMMON:  A type of joint ownership that allows a person to sell his share or leave it in a will without the consent of the other owners. If a person dies without a will, his share goes to his heirs, not to the other owners.
TESTAMENTARY TRUST:  A trust created by the provisions in a will. Typically comes into existence after the writer of the will dies.
 
TESTATE:   When someone dies with a Will.

TESTATOR:  The person who makes a will.

TITLE:  Ownership of property.

TOTTEN TRUST: A bank account in your name for which you name a beneficiary. Upon the death of the named holder of the account the money transfers automatically to the beneficiary.

TRUST:  Property given to a trustee to manage for the benefit of a third person. Generally the beneficiary gets interest and dividends on the trust assets for a set number of years.

TRUSTEE:  Person or institution that oversees and manages a trust.

                                                       I Back to Top I
..........................................................................................................................................

U - NoPosting
V
- NoPosting

                                                       I Back to Top I
..........................................................................................................................................

W

Waiver:  The voluntary relinquishment of a privilege or a right.

Ward:  A person who is under a guardian's charge or protection.

Will:  An instrument executed by a person, which disposes of a person's property on or after his or her death.

                                                       I Back to Top I
..........................................................................................................................................

X - NoPosting
Y - NoPosting
Z - NoPosting



LEARN MORE...

To learn more about how EstateFinance™ can provide you with the most money at the least cost, call us today at 866-559-FUND (3863).

Or simply complete the EstateFinance™ Applicant Information Form.

Our knowledgeable consultants will be glad to explain all the details and help you through the application process.
 

 

 



EstateFinance™ is a funding program offered by LawFinance Group Inc., a Finance Lender licensed by the State of California.
© 2007 LawFinance Group, Inc. All rights reserved

Home   Site Map    Contact Us