Glossary Archive

Articles of Organization The Articles of Organization are a formal document required to establish a limited liability company (LLC) in the United States. This document is filed with the appropriate state authority, typically the Secretary of State, and serves as the official record of the LLC's creation. The Articles of Organization generally include essential information...

Overview An ascertainable standard is a legal term used primarily in the context of trusts and estates. It refers to specific criteria or benchmarks that can be defined and measured, often related to distributions from a trust or the exercise of discretion by a trustee. These standards ensure that the trustee's decision-making is grounded in...

Asset Dispute Mediation Asset Dispute Mediation is a process whereby parties involved in a disagreement regarding the ownership, management, or distribution of assets come together to resolve their issues with the help of a neutral third-party mediator. This form of alternative dispute resolution (ADR) aims to facilitate a mutually agreeable solution without resorting to litigation....

An Asset Inventory is a comprehensive list of all assets owned by an individual or entity, often compiled for purposes such as estate planning, financial analysis, and asset management. This inventory typically includes various types of assets, which can be broadly categorized into tangible and intangible assets. Tangible assets may consist of real estate, vehicles,...

An Asset Protection Trust (APT) is a specialized type of trust designed to safeguard an individual's assets from creditors, lawsuits, and other financial risks. This type of trust offers legal protection by transferring ownership of assets to the trust, thereby distancing them from the individual’s personal estate. Overview of Asset Protection Trusts The primary purpose...

An Asset Purchase Agreement (APA) is a legal contract that defines the terms under which a buyer agrees to purchase specific assets from a seller, rather than acquiring the seller’s entire business. Unlike a stock purchase agreement, which transfers ownership of the company itself, an asset purchase allows the buyer to selectively acquire chosen assets...

Asset Retitling Asset retitling is the process of changing the ownership title of an asset, which can include real estate, bank accounts, investments, and other forms of property. This process is crucial in the context of estate planning and probate, as it ensures that assets are legally owned by the appropriate parties, especially after significant...

Assets Assets are resources owned by an individual or entity that have economic value and can be used to generate income or can be converted into cash. They are fundamental components in financial and estate planning, as they represent what a person or business owns, and are classified into various categories based on liquidity, usability,...

The Assignment of Benefits is a legal arrangement where a policyholder transfers their right to receive benefits or payments from an insurance policy to a third party, typically a service provider. This practice is common in insurance claims, particularly in the context of property damage or health insurance. In an Assignment of Benefits, the policyholder...

The Assignment of Interest is a legal mechanism used to transfer a person's rights or ownership in a particular asset or property, such as real estate, a business interest, or a financial asset, to another party. This transfer can occur through a written document that outlines the specifics of the assignment, including the parties involved,...