Glossary Archive

General Overview An Irrevocable Marital Trust is a specific type of trust established to provide for a spouse while also ensuring that the trust assets are not included in the survivor's estate for tax purposes. This trust is often utilized in estate planning to maximize tax benefits and facilitate wealth transfer while maintaining certain controls...

An Irrevocable Testamentary Instrument is a legal document that outlines a person's wishes regarding the distribution of their assets upon death and cannot be altered or revoked after its creation. This type of instrument typically takes the form of a will or a trust that is irrevocable upon execution. Unlike a revocable trust or will,...

An Irrevocable Trust is a type of trust that, once established, cannot be altered, amended, or revoked by the grantor (the person who created the trust). This characteristic distinguishes it from a revocable trust, which allows the grantor to retain control over the assets and modify the terms at any time during their lifetime. When...

Irrevocable Trust for Property Management An irrevocable trust for property management is a type of trust that cannot be modified, amended, or revoked by the grantor once it has been established. This legal arrangement is often used to manage and protect assets, ensuring they are handled according to the grantor's wishes and for the benefit...

Joint and Several Liability Clause A Joint and Several Liability Clause is a legal provision that allows a plaintiff to recover damages from any one of multiple defendants, individually or collectively. This type of clause is often included in contracts or legal agreements to establish how liability is shared among parties. In simpler terms, if...

Joint Property Ownership Agreement A Joint Property Ownership Agreement is a legal document that outlines the rights and responsibilities of two or more individuals who co-own property. This agreement details how the property will be used, maintained, and managed, as well as the procedures for selling or transferring ownership interests. In a Joint Property Ownership...

Joint Session in Mediation A joint session in mediation is a structured meeting involving all parties and their representatives in a mediation process. This session is designed to facilitate open communication and encourage collaboration toward a resolution of their disputes. In a joint session, the mediator typically begins by outlining the ground rules and purpose...

Joint Statement of Issues in Mediation A Joint Statement of Issues in Mediation is a document created collaboratively by the parties involved in a mediation process. This statement outlines the key issues that need to be addressed and resolved during the mediation sessions. The purpose of the Joint Statement of Issues is to provide a...

Joint Tenancy with Right of Survivorship Joint Tenancy with Right of Survivorship (JTWROS) is a form of co-ownership of property where two or more individuals hold title to the property together, with each having an equal share. A key feature of this arrangement is that upon the death of one joint tenant, their interest in...

Joint Venture Agreement A Joint Venture Agreement is a legal document that outlines the terms and conditions under which two or more parties agree to collaborate on a specific business project or venture, sharing resources, risks, and profits. This agreement establishes the framework for the partnership, detailing the contributions of each party, the management structure,...