Glossary Archive

An Alternate Trustee is an individual or entity designated to assume the responsibilities of a trustee in the event that the primary trustee is unable or unwilling to fulfill their duties. This designation is critical in estate planning and trust management, ensuring that there is a backup plan in place for the administration of the...

Alternative Dispute Resolution (ADR) General Overview: Alternative Dispute Resolution (ADR) refers to a range of processes that provide parties in a dispute with alternatives to traditional litigation in court. ADR is designed to be a more efficient, cost-effective, and less adversarial means of resolving disputes. Detailed Explanation: There are several common forms of ADR, including...

Alternative Dispute Resolution Clause An Alternative Dispute Resolution (ADR) Clause is a provision typically included in contracts that outlines the methods by which parties agree to resolve disputes without resorting to litigation in court. ADR processes often include mediation and arbitration, serving as more flexible, cost-effective, and quicker alternatives to traditional judicial proceedings. The ADR...

Alternative Dispute Resolution (ADR) Overview Alternative Dispute Resolution (ADR) refers to a set of processes used to resolve disputes outside of the traditional courtroom setting. ADR encompasses various methods, including mediation, arbitration, and negotiation, which aim to provide a more efficient, cost-effective, and less adversarial resolution to conflicts. Detailed Explanation One of the primary benefits...

The Alternative Valuation Date is a provision within the Internal Revenue Code that allows the executor of an estate to elect an alternative date for valuing certain estate assets for federal estate tax purposes. This date can be up to six months after the date of the decedent's death. The primary purpose of the Alternative...

Amended Operating Agreement An Amended Operating Agreement is a formal document that modifies an existing operating agreement for a limited liability company (LLC). The operating agreement serves as the foundational document that outlines the management structure, responsibilities, and operational procedures of the LLC. When changes occur—whether due to shifts in ownership, changes in management, or...

Amicable Settlement An amicable settlement refers to a resolution of a dispute or conflict that is reached by mutual agreement between the parties involved, without the need for litigation or a formal court process. This term is commonly used in various legal contexts, including family law, contract disputes, and business conflicts. Reaching an amicable settlement...

Amicus Curiae Brief in Arbitration An Amicus Curiae Brief is a legal document filed in court by an individual or group that is not a party to the case but has a strong interest in the subject matter. The term "amicus curiae" translates to "friend of the court," indicating that the filer seeks to provide...

Overview Ancillary Administration is a legal process that occurs in the context of probate, specifically when a deceased person's estate includes assets located in a jurisdiction different from their primary residence. This process ensures that the assets located in the secondary jurisdiction are properly managed and distributed according to the deceased's wishes or state law....

An ancillary estate refers to the portion of a deceased person's assets that are located in a jurisdiction outside of their primary residence. When a person passes away owning property in more than one state or country, the estate must undergo two separate probate processes: one in the state where the deceased resided (the primary...